How to get a column to state a status off the health color indicator

Hi,
I have a column with colored health status of some project tasks, due to the fact in email updates and that you cannot see the colored got in the email, I am hoping to add a column that with align with the colored dot column with words so those getting the email can see the health if the item.
So just looking to have the following:
If dot is red, new column will state "Late"
If dot is yellow, new column will state "At Risk (<10days)"
If dot is green, new column will state " On-Track"
If dot is grey , new column will state "TBD"
OR if anyone knows a better way to send update emails that looks better than the following - note the "project status" column in the photo is a manual drop down and what to do the above to that column
Answers
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=IF(Dot@row = "red", "Late", IF(Dot@row = "Yellow", "At Risk", IF(Dot@row = "green", "On-track", IF(Dot@row = "Gray", "TBD"))))
Also could just send them the link to a view only dashboard with this info and possibly other info on it instead of emailing the status report.
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