The formula described here will highlight a given data cell with either a red or green background depending on a string value from a field in your result set. You can easily modify these instructions to use different indicators or thresholds to match your preference.
This is the resultant formula, following the above example for one condition and red and green colors:
=IF([STATUS]="Cancelled";"#FF0000";"#00CC00")
This is the resultant formula, following the above example for two conditions and red and green colors:
=IF(OR([STATUS]="Cancelled";[STATUS]="Disputed");"#FF0000";"#00CC00")