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Default Plus/Minus 2*Standard Deviation IF OR Statement

The formula I have requires a value to fall between an average plus or minus
two times a standard deviation. The formula looks like this
=IF(N165O165+2*(P165)+OR(N165<O165-2*(P165)),"Flag","").
What I just discovered is that the "flag" will only appear when the value is
greater than the ave + 2*standard diviation, not when it is less than the
average minus 2*standard diviation. I would like to keep the formula
together so I do not have to add additional columns to the sheet. I
certainly could use some clarification to this formula. Each part works as a
seperate formula but not together.

Thank you
 
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