Conditional formatting on canvas?

I am looking to write a formula on the canvas which includes a status indicator. e.g

   if( x > y, "red status button or emoticon", "smiley face emoticon" )

Possible?

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I decided to use the rectangle formula - which seems to work well for my purposes for now. Will be great to have circles or even the possibility to use emoticons in formulas directly on the canvas. This is what I have now :

If(x >y, Rectangle(10,10,"#ff4a26") , Rectangle(10,10,"#14db11") )

@Richard_Kaplan suggested here

to use the embeded feature. allows you to use any status indicator you want

Thanks. Works for me.