Conditional formatting google sheets based on date : [![enter image description here][1]][1]


  [1]: http://i.stack.imgur.com/3Zpr6.png

I want the Status column(**C**) to display pending, today and lapsed based on the values in the M_Date column(**B**). 
In the conditional formatting, I have used the custom formula 

    if($b2=Today(),"Today",if($b2<Today(),"Pending","Lapsed"))

The formula shows no error but does not generate any output.
Please help.

Also, I want to receive an email when the value of status column changes from *Pending* to *Today*.