Baseline percent complete with RAG indicator

Hi Experts, I like to understand that is it possible to do RAG indicator based on project progress. This is to RAG a work activity that is tracked against the predicated workload at time of observation (baseline estimate at that time), against the actual time delivered). For example, the baseline estimate is 20 days. At time 10 days the baseline estimate is (10/20) = 50% supposed to be completed. Then actual is e.g. 30% at time 10. Therefore the project has predicated to have slipped. The Red, Amber, Green should be able to be set for this measurement at a percentage level. If 0% variance or in front of delivery it is "GREEN", if it is 10% behind at time T, it is amber, and if it is more than 20% it is Red. Then also futher indicators that you would deem is the best way to determine the risk on delivery of the work activity