Hi Alex,
I used two formulas, both of which you can tweak quite easily.
The first one is just several nested IF statements:
You can change these numbers/words to change what word you would like to appear at which threshold. Reading from left to right, it reads "If D2 is less than 183, output "RED", else..." and then I've nested the next IF statement. You can add more layers or edit the existing ones by copying the existing format.
eg:
The same with the second formula, though on that one you will simply need to change the string that is being searched for from eg "RED" to whatever the new string is, eg: "DARKRED"
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