You may already be familiar with the default project statuses (On Track, Off Track, On Hold, At Risk) that are available on:
Project Overview page
Project Navigator, and
This Red / Amber / Green stoplight status is a quick way to flag how the project is progressing.
Now, you can create your own custom project statuses in the Workspace Settings modal:
Step 1: Navigator to Workspace Settings
Step 2: Go to Project Status tab
Step 3: Click 'Add new status' button
Step 4: Name your status, select a color, and click 'Add project status'
Now you're ready to use it!
Note: Project Statuses are available across the workspace to all workspace members, and any user may add or remove them.