Formula using <>

I'm trying to create a formula that will return a red, yellow, or green ball. I saw the below formula on someone else's comment a while back, but wasn't able to find it today. Right now my formula is:

=IF([Late Tasks]@row > 0.75 * [Total Tasks]@row, "Red", IF([Late Tasks]@row <> 0.5, "Yellow", "Green"))

Can someone tell me what the <> does in this formula?


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