Use Formula to Assign Dropdown Selection in Column

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I would like to have the column titled Alert Level return a symbol from the dropdown menu based on the number of selections in the Alert column.

I'd like the symbol to be green if there the Alert column for that row is blank. Blue if there is 1 item in the Alert column, Yellow is 2 items and Red if there are 3 or more.

Is this possible?

Gillian

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