If you want to avoid using CF, then maybe put this in the WS code module
Option Explicit
Private Sub Worksheet_Calculate()
Dim c As Range
On Error Resume Next
For Each c In Me.UsedRange.SpecialCells(xlCellTypeFormulas).Cells
If c.Formula Like "=Multiplier*" Then
If c.Value < 0 Then
c.Font.Italic = True
c.Font.Color = RGB(255, 0, 0)
Else
c.Font.Italic = False
c.Font.Color = RGB(0, 0, 255)
End If
End If
Next
End Sub
and this in a standard module
Option Explicit
Option Base 1
Function Multiplier(dNumber1 As Double, dNumber2 As Double) As Double
Dim dProduct As Double
dProduct = dNumber1 * dNumber2
Multiplier = dProduct
End Function
To get the formula to flow, you have to use relative addresses
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