I am using Version 2007. The following formula, when inserted manually on the
sheet, does workout but when defined in a name like "Check" and inserted as
=Check, in a cell, doesn't do so. Any particular reason and suggestion?
"VM" is also defined as $F$4.

=OR(AND(ISNUMBER(INDIRECT(ADDRESS(ROW(),COLUMN()-1))),OR(INDIRECT(ADDRESS(ROW(),COLUMN()-1))=VM,INDIRECT(ADDRESS(ROW(),COLUMN()-1))<=-VM)),INDIRECT(ADDRESS(ROW(),COLUMN()-1))="Old",INDIRECT(ADDRESS(ROW(),COLUMN()-1))="New")

--

Best Regards,
FARAZ A. QURESHI