I found this posted online and am looking for some step by step instruction on setting this up in my org:

Visual and Narrative Warnings for At-Risk Opportunities (EE+)

Will the Opportunity close? There are many indicators that suggest an Opportunity is in trouble. We've added a Warnings formula field on our Opportunity record to give us a heads up when there is a potential problem. We've added flags in addition to textual comments to make it easy to spot in a report or view. There are several warnings we look for.

First, we look for slipping Opportunities. In our business, if a close date moves out more than three times, it is a good sign that the deal was poorly qualified, is in trouble and in most cases will be lost. To measure this, we created a numeric custom field called "Times Extended". We added a workflow rule that looks for an extension of the Close Date. The rule has this condition: AND(ISCHANGED(CloseDate), CloseDate> Prior_Close_Date__c ). We then do a simple field update on the Times Extended field with this formula: Times_Extended__c + 1. The result is a field that tells us how many time the Opportunity has been pushed. We mark this one with a Yellow flag because there is nothing that can correct the slip - it is just a warning.

We also added a red flag for Stale Opportunities - that is Opportunities where the Close Date is prior to the current date and the Opportunity is still open. This one is Red because it is correctable. You can use custom formula fields to create a number of warnings, making it easier for reps and managers alike to stay on top of problem deals.

Thank you for your help.