RYG Formula for Parent and Children Rows



I am trying to create a formula where the parent health turns Red if there is more than 3 red children health's, Yellow if there are more than 3 yellows, Blue if everything below it is Blue and the rest of the time green.

Is this possible?

I was using this formula for a while, but realized major gaps and it wasn't actually doing what we needed it to be doing.

=IF(COUNTIFS(CHILDREN(), "Red") > 1, "Red", IF(COUNTIFS(CHILDREN(), "Red") , > 1 "Yellow", IF(COUNTIFS(CHILDREN(), "Yellow") > 1, "Yellow", "Green"))) 


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