Column formula the ONLY applies to the Parent

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Ok, I have the following formula that is worked EXCEPT I only want it to apply to the PARENT row.

=IF(OR([EXTERNAL APPROVAL STATUS]@row = "APPROVED", [EXTERNAL APPROVAL STATUS]@row = "APPROVED AS NOTED"), "PROCEED", "HOLD")

I am using the column [IS CHILD] which is a checkbox.

Any help would be greatly appreciated.

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