Your company may have a different logic on how a budget/schedule status for your task/project is calculated. Lets take an example that you actually want the schedule status to show the status depending on the baseline dates; instead of the projected dates. To create such a field, do the following:
a) You need to create a formula field which will have the below formula
b) The Output type of the custom field will be Text.
c) Attach the custom field to 'Task' or the entity for which you want to create the custom field.
d) The field references like entity.projectedFinishCalendar.time.time, entity.baselineFinish.time, etc can be taken from the Field References tab.
${set ("label", 'Unknown')}
${set ("label", entity.projectedFinishCalendar.time.time <= entity.baselineFinish.time && entity.percentComplete!=100 ? 'On Time' : label)}
${set ("label", entity.percentComplete!=100 && Date.now().time > entity.baselineFinish.time ? 'Overdue' : label)}
${set ("label", entity.projectedFinishCalendar.time.time > entity.baselineFinish.time && Date.now().time < entity.baselineFinish.time ? 'At Risk' : label)}
${set ("color", 'Neutral')}
${ set ("color", label eq 'On Time' ? '#008000' : color)}
${ set ("color", label eq 'At Risk' ? '#FFA500' : color)}
${ set ("color", label eq 'Overdue' ? '#FF0000' : color)}
<span style="display:inline-block;width:10px;height:10px;background-color:${color} ;border-radius:5px;"></span> ${label}