Example:

IF(level>=B9,IF(E9>=1,J9/G9,H9/G9)," ")
I have my conditional formatting to highlight cells that are in the TOP 5% and icon sets for 95% percentile.

If I have " ", is that excluded completely or is it the same as 0? Basically, I don't want any cells less than "level" to be included in the conditional formatting.