After reading your response - do I understand correctly that the xl2010 is limited only to 3 conditions. Does the xl2011 allow for unlimited?
My formula has 4 conditions which put a word in the cell with a color shading.
Here is my formula -
=IF(AND(H9>0,I9>0),"Green",IF(AND(H9>0,I9<0,),"Blue",IF(AND(H9<0,I9>0),"Red",IF(AND(H9<0,I9<0),"Orange",""))))