With the recent update to mark projects as not only On Track, At Risk, Off Track, and Complete, it is necessary to add an option for Cancelled. When a project gets cancelled we have to create a workaround process to archive, but there is no status to show that the project is Cancelled. Requesting that this be added as an option for project status updates.
Technically, your status Title would be CANCELLED and the Status at the time of cancellation would be the traffic lights.
Hi @Cassidy_Clark, thanks for providing this feedback!
While this feature isn’t available right now, hopefully it’s something our Product team can implement in the future.
I’ll keep you posted and let you know if we have any updates 
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