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I am trying to set multiple cells to stay green when the date is within 120 days of the current date, yellow between 121 and 180 days old and red when date is 181 days and older. It would also need to change back and forth when new dates are entered.

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Select your cells (date),

Use Conditional Formatting
New Rules
Use a formula to determine which cell to format
Format values where this Formula is True
write the following:
=(Today()-A1)<=120
Format Green
Repeat the above instructions and write the second formula:
=And((Today()-A1)>=121,(Today()-A1)<=180)
and Format Yellow
Repeat again the above instructions and write the third formula:
=(Today()-A1)>=181
and Format Red
A1 is the starting cell where is your date, Today() is the current Date in Excel
The cells will color automatically depending of the date written

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