Highlight Cell Rules

Here you can see a set of rules that can be used to format cells.  

Greater than
This formats the cell if its value is greater than the original value, it will also be color coded.

Less than
This formats the cell if its value is less than the original value, it will also be color coded.

Between
This will format the cell if the cells value is between two values, it will will also be color coded.

Equal To
This will format the cell if the cells value is equal to the entered value, it will also be color coded.

Text that contains
This will format the cell if the cells value is equal to the original text, it will also be color coded.

Custom Condition
This option is a bit different, because here there will be multiple choices to format the cell with. You can also add groups/conditions to set multiple conditions for each cell. As before it will also be color coded.