I am trying to get this to work but am having a few problems.
1. each containing the value of a third cell---not sure what they mean here
2. Finally change the link for the picture to equal the named formula.- not
sure how this is done

Can anyone offer a step by step here?
Many thnaks,
Mike

Indicator Lights
Without any VBA code, you can create an indicator light that turns red or
green depending on the value of an Excel variable. The secret is to create
two cells on a hidden sheet - one green and one red - each containing the
value of a third cell. Then create a linked picture of one of the cells. So,
now you have an indicator light of one color...until you create a named
formula (read about these in on-line help). Set up the named formula so that
it returns the value of either the red or green cell - something like this:

=IF(SomeCellValue>LimitValue,RedCell,GreenCell)

Finally change the link for the picture to equal the named formula.

When a cell values change, the value of the named formula changes...the
picture is linked to the value of the named formula and the linked picture
changes - red if the cell value is greater than the limit, green if not.