[Darren Bartrup]

Create a named range (Insert ~ Name ~ Define)

In the Define Name dialog box enter a name in the 'Names in workbook:' box
(e.g. RedCell).

In the 'Refers to:' box enter this formula:
=IF(GET.CELL(63,Sheet1!$A$1)=3,"Yes","No")

alternatively use:
=IF(GET.CELL(63,INDIRECT(ADDRESS(0,-1,4,FALSE),FALSE))=3,"Yes","No")

which will return Yes if the cell to the immediate left of the cell
containing the formula is red (change the 0 & -1 to refer to different
rows/columns).

Regards,
Darren.