I'm not an expert on formulas , so I took this one from a different post I found which I believe cover my needs
=IF(COUNTIFS(CHILDREN(), "Red") > 0, "Red", IF(COUNTIFS(CHILDREN(), "Yellow") >= COUNTIFS(CHILDREN(), "Green"), "Yellow", "Green"))
The thing I need to do is to count if there is at least one color Red, mark it as Red, if none, keep looking at Yellow and set it as Yellow, if none of the above set it as Green
When I validate the formula, it is only returning "Green"
Appreciate if someone can point me to the right direction.