In the cell where you have your =(P100,$U$2,$V$2) formula, use
Format -- Conditional Formatting.
For condition 1, switch from Cell Value is to Cell Formula and enter
=P100
then set the font color to green.
add a 2nd condition and again use Cell Formula and enter
=P10<0
then set the font color to red.

Two things - you could set the default font color to either Red or Green and
then just use 1 conditional formula. Also, you haven't said what to do if
the value of P10 is exactly 0. But with the two conditions, the color would
be black (if default not changed), although the symbol displayed would be the
down arrow.

"Jill" wrote:

I wanted to draw attention to positve and negative trends through the use of
color. I used conditional formatting for the number ... but also wanted a
corresponding graphic.

I created the following Iif statement:
=IF(P100,$U$2,$V$2) ... note P10 is the number being evaluated.

I placed a green up arrow in U2 and a red down arrow in V2 to show a
positive or negative; however, I really would like the arrows to change color
also.

Because the arrow is an "object" it is neither positive nor negative;
therefore, I can't change it's color. Any recommendations?