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Default Coloring the cells by formula

I am not sure what this function is called. The cell can be programmed that
if the result is 0 or 1 or 2 or 3 - color will display instead of the number.
So 0 is black, red, green, yellow. sample formula is IF(G62="GO", 1,
IF(G62="BUY", 2, IF(G62="SELL", 3,0))) then the cell will show the
corresponding color (0,1,2,3 - black, green, yellow, red).

My questions a
1. what is this called? so I can search in 'HELP'.

2. are there more than 4 colors (B,G,R,Y)? I like few more and their
corresponding value. How do I go about finding this out? I am looking for
navy blue (and maybe more later).

Thank you so very much.
 
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