How to set Status from a relationship between two dates???

Hi,

I’m trying to do something vey basic so i’m convinced i’m doing it wrong and can’t find the functionality.

I would like to compare Estimated Release Date to Target Release Date and based on the number of days between them set a RAG status.
I can do this with the following formula:

IF({EAppDate}= “”, “NO INFO”,
IF(DAYS({TRelDate}, {EAppDate}) <= 5, “LATE”,
IF(DAYS({TRelDate}, {EAppDate}) <= 15, “AT RISK”, “ON TRACK”)))

This accurately returns the status i want but it’s text. Not colored Status. Automations don’t want to accept output from formula columns and i couldn’t figure out how to do this directly in an automation.

What am i missing?

SM