You need to create two conditional formats, one for the up arrow and one 
for the down arrow.

In Excel 2010:

For the up arrow:
Select the range starting on cell L7
Go to Home -> Conditional Formatting -> New Rule -> Use a formula to 
determine which cells to format
Write =L7>=$S$2 on the 'Format values where this formula is true' text box
Click on Format
On Font Style select Bold
On the color dropdown select Green.
Click Ok, click Ok again

With the same range selected repeat the previous steps but changing the 
formula and the color.



On Tuesday, December 4, 2012 3:24:15 PM UTC-4, JP wrote:
>
> Hi - 
>
> I have a spreadsheet in which I have the following formula for statistical 
> testing, =IF(L7>=$S$2,CHAR(233),IF(L7<=-$S$2,CHAR(234),"")). It displays an 
> up arrow if the first IF statement is true and an down arrow if the second 
> IF statement is true.  I would like the arrow displayed to be bolded and if 
> it is an up arrow then it should be in green font and if the arrow is 
> downward then it should be in red font.  How would I add the color code to 
> the existing formula so the arrows are displayed in color?
>
> Thanks,
> JP
>

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