Changing a status based on a formula

Hello.

I want Monday.com to notify us automatically when a renewal is due on a customer contract at 60 days.

I can add a formula to display RENEWAL DUE in the formula column, but I want this to change the STATUS column on that row, therefore I can add an automation to notify my staff that the status has changed.

Is there an extention I need to install to make this happen? I had this feature in Airtable and it was very useful!

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