We are currently using this in project plans to establish health. We would like to default items without date values to Blue instead of Red when a project is initially provisioned. This way our portfolio reporting isn't showing a bunch of Red unnecessarily when things are initiated.
=IF(OR(Level@row = 0, Level@row = 1), IF(COUNTIF(CHILDREN(), "Red") > 0, "Red", IF(COUNTIF(CHILDREN(), "Yellow") > 0, "Yellow", IF(COUNTIF(CHILDREN(), "Green") > 0, "Green", "Blue"))), IF([% Complete]@row = 1, "Blue", IF(AND([% Complete]@row < 1, [End Date]@row < TODAY()), "Red", IF(AND([% Complete]@row < 1, [End Date]@row < TODAY(7)), "Yellow", "Green"))))