Custom (not conditional) Format Cell Based on Text

Hi guys, I just found out that it's possible somehow to colour a cell based on text value but WITHOUT using Conditional Formating (as this can slow down a file)

Do you know what custom formating code we would use to say:

IF cell value = "y" then cell colour is green
IF cell value = "n" then cell colour is red

Nothing comes up on Google on this one...

Thanking you in advance!

Ah... so it would not work in my case then... got to be text... But thank you so much anyway, Bo_Ry!! Greatly appreciate

You can use custom formatting to colour the TEXT/NUMBER of a cell, but only by testing the numeric value. The only way Conditional Formatting can slow your file down is if you are applying the formats to tens of thousands of cells (or worse, to millions of cells, as I've seen people do sometimes). As for nothing coming up on Google .. you didn't do a good job on searching: https://exceljet.net/custom-number-formats

Thanks, Glenn. I did do a good job researching, what I didn't know was "but only by testing the numeric value" and hence, that's why could not find anything. The lik you shared does not answer the original question posted!