Traffic lights for Status

Traffic lights for status:

There in some scenarios a flag needs to be shown based on the status. 

For eg: 

If Stage is Closed Won - Green Flag

If Stage is Closed Lost - Red Flag

If Stage is not Closed - Yellow Flag

This will make to understand quickly and placing in the list view the stage can be identified easily. This can be achieved using a simple formula field

Fields -> Type - Formula -> Return type - Text

And in the formula editor: 

IF( IsWon , IMAGE("/img/samples/flag_green.gif","green"), 

IF( !IsWon && IsClosed , IMAGE("/img/samples/flag_red.gif","red"), 

IMAGE("/img/samples/flag_yellow.gif","yellow") 

))