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In "Change Color Based on Rules", one can specify the text color to be any color as long as certain rules are followed:
My question is, instead of hard-coding the values, can I use cell reference? In the example above, instead of hard-coding the values to be a "Yes", can I set it as something like $B$3?
Seven years is a very long time in the life of Google Sheets (so far) and amongst many changes various oft requested enhancements to conditional formatting have been made. One can now use a cell reference in the way requested by OP. The appearance is quite different however:
Unfortunately no, Spreadsheet does not support formulas in the change color based on rules yet. (often requested though!)
