Convert to Column Formula grayed out

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I'm trying to use Conditional Formatting on a Status column to change the color of the bubble based on the value of the Stage. I'm using the following and the option for Convert to Column Formula is grayed out:


IF([Stage]@row = 'Not Started', "Gray", IF(AND([Stage]@row = 'Testing'), "Yellow", IF(AND([Stage]@row ='Done'), "Green", IF(AND([Stage]@row = 'Blocked'), "Red"))))


Any suggestions?

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