Nested COLUMN FORMULA for PARENT and CHILD

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How do I control the Parent and Child with different formulas?

This is the column formula I currently have but I ONLY want it to apply to the CHILD

=IF(AND([MTO QTY]@row > [ORDER QTY]@row, [IS CHILD]@row = 1), "Red", "Green")

THEN for the PARENT, I want it to look at all the CHILDREN and if ANY is RED then the PARENT should show RED.

IF all CHILDREN are GREEN then the PARENT shows GREEN. 

Assuming I would need an additional IS PARENT but not sure how to format it.

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