How to apply conditional formatting based on the result of a cell's formula

Question

I am stumped at what should be a simple matter. I have this formula in a column of cells:

=IF(ISBLANK(BG7),"",IF(BG7>=70,"OverBought",IF(BG7<=30,"Oversold","Neutral")))

The formula works and the cell shows the correct word.

I would like to apply conditional formatting to the result of the formula

• green for Oversold
• red for OverBought
• yellow for Neutral

I have tried every variation I can think of for "Value of Cell" with and without quotes, "Enter a Formula" etc and no dice. What am I missing?

Answer 1

I used your formula, selected the cells, and used the menu "Conditional Format", then first option (something like "highlight cells"), then forth option ("equal"), then typed Oversold with no quotes and anything else, then selected a format option.

Then i repeated the same steps for the other values (Neutral, OverBought), selecting different format options.

It worked.

Answer 2

This set of rules work for me:

Go to Conditional Formatting > New Rule > Format only cells that contain > Cell value Equal to Whatever.

Admittedly I use Excel 2013, not 2010 as in your case, but I'd be very surprised if there is much difference for conditional formatting rules like these.