Hi @Abby_Buccino welcome to the forum! 
You would need to create separate parts for each condition and then apply color to each part separately.
{formtext: name=value}
{if: value > 240}
red text
{endif}
{if: value >= 200 and value <= 240}
yellow text
{endif}
{if: value < 200}
green text
{endif}
(forum doesn't support colored text which is why the above texts will all appear uncolored)
Further if you have a variable that needs to be colored, you can do that too.
{formtext: name=value}
{if: value > 240}
{=value}
{endif}
{if: value >= 200 and value <= 240}
{=value}
{endif}
{if: value < 200}
{=value}
{endif}
In the above snippet, you can select the =value
chip using your mouse and then apply color to it.
Let me know if that helps.