Conditional Formatting and how to account for weekends?

Here are the formulas I am using, but I have gotten so far down the rabbit's bhole I can't figure out what is right/wrong. Please help me balance these out.

RED = NOTHING RECEIVED, OUTSIDE 48 HOURS
=AND(IF(WEEKDAY($D5,1)< 6,$D5+1< TODAY(),IF(WEEKDAY($D5,1)=6,$D5+3< TODAY(),$D5+2< TODAY())),ISBLANK($E5),NOT(ISBLANK($B5)),NOT(ISBLANK($D5)))

ORANGE = SENT OUT, STILL WITHIN 48 HOURS
=AND(NOT(ISBLANK($B5)),ISBLANK($E5))

GREEN = RECEIVED WITHIN 48 HOURS
=AND(IF(WEEKDAY($D5,1)< 6,$D5+1<= TODAY(),IF(WEEKDAY($D5,1)=6,$D5+3<= TODAY(),$D5+2<= TODAY())),NOT(ISBLANK($B5)))

YELLOW = RECEIVED OUTSIDE 48 HOURS
=AND(NOT(ISBLANK($B5)),$E5>$D5+2)

Okay, first, deleting all your conditional formatting rules. Then selecting B5:AG268 > Conditional Formatting>New Rule>Use Formula

Red
=AND(ISBLANK(B5), B$4="Received", ISNUMBER(A5), NETWORKDAYS(A5, TODAY())>2)

Orange
=AND(ISBLANK(B5), B$4="Received", ISNUMBER(A5), NETWORKDAYS(A5,TODAY())<=2)

Green
=AND(ISNUMBER(A5), ISNUMBER(B5), B$4="Received", NETWORKDAYS(A5,B5)<=2)

Yellow
=AND(ISNUMBER(A5), ISNUMBER(B5), B$4="Received", NETWORKDAYS(A5,B5)>2)
You can modify your NETWORKDAYS to include Holidays.
Questions?

The formula references the first cell in the range. Since the cell is not anchored (no $ in it), it is relative, moving with the active cell. If you check the file I attached, as far as I can tell, it is working properly. So when the active cell is E11, for example, D11 does have a number in it.

I'll plug it in and give it a shot!

Is that the order I should have the rules in?

I can include holidays? How so? Doesn't NETWORKDAYS do that?

Thank you!

The order of the rules won't matter because each cell will only meet one of the rules, never two.

Yes, you'd have to add it to NETWORKDAYS

Let's say you put your holidays in sheet2!A1:A15
Red would become
=AND(ISBLANK(B5), B$4="Received", ISNUMBER(A5), NETWORKDAYS(A5, TODAY(), sheet2!$A$1:$A$15)>2)