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We can implement HTML and conditional decision on the top of Calculated columns. Below is a simple scenario to show different color indicators in the SharePoint list calculated column <<Availability>>:
| Availability Status | Show Color Image |
| Present | Green |
| Late coming | Yellow |
| Absent | Red |
you can use formula in the SharePoint calculated column as below:
Calculated column in SharePoint
="<div>
<img src=/sites/Assets/Images/"&IF([Availability]="Present","green.jpg",
IF([Availability]="Late coming","yellow.jpg",
IF([Availability]="Absent","red.jpg")))&">
</div>"