Automate Parent Row formula and keep children formula in place

TJordan

I'm trying to figure out the best way to automate a formula specific to the parent tasks and keep the existing children formula in place. The goal is for the user to be able to add more parent/child tasks without having to insert the formulas manually.

The parent formula in use:

=IF(COUNTIF(CHILDREN(), "Red") >= 1, "Red", IF(COUNTIF(CHILDREN(), "Green") = COUNT(CHILDREN()), "Green", IF(COUNTIF(CHILDREN(), "Blue") = COUNT(CHILDREN()), "Blue", IF(COUNTIF(CHILDREN(), "Yellow") >= 1, "Yellow", "Green"))))

The Child formula in use:

=IF(Status@row = "In Progress", "Green", IF(Status@row = "BLOCKED", "Red", IF(Status@row = "Complete", "Blue", IF(Status@row = "At Risk", "Yellow", ""))))

I suspect I may need to add a new column and possibly use an IF statement for Parent rows but having trouble visualizing what that formula would actually look like.

Any suggestions?