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Default Conditional Format for Object

Looking to change the format of an object...change the color of a circle to
red if less than, yellow if between two values and green if greater than a
value. I can use condiitional formatting in a cell, just wondering if

A) you can apply condiitonal formatting to an object
or B) can you apply conditional formatting to cells outside of the result
cell. ie, depending on the results in cell A1, I want to change the color in
Cells B2 to B4.

Thanks
 
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