OK - after some time we figured it out.

Basically Microsoft it will divide the results in the intervals specified in the options ( Red > 60, Yello < 60, etc) and based on the indicators value it will determine the state.

It will be easier to see it if you sort the data first - top 30% will be in Green, next top 30% in Yellow and so forth.

Kind of like a percentile - based on the max of you series.

Thank you!

Adrian