Flag column based on date & other criteria

I'm trying to figure out how to set up an alert to automatically notify someone if the entry row hasn't met criteria (checkbox) within 5 days. I was thinking about creating a flag column that kicks off an email alert but I can't figure out the flag formula.

Here's what I've been trying to play with:

If [Created Date] is more than 5 days in the past AND [Scheduled] is not checked than [Schedule Alert] is 1

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