Problem with if isblank

I have a column called Status. I am using formula below but it is not working.
I have tried putting it in initial Value and in App Formula but neither works. Any idea what I am doing wrong?

IF(ISBLANK([Order No]), “Requested”, “Ordered”)

Status

Figured out that this works when I add a new record but doesn’t update already existing records.

@Martina
Set the RESET ON EDIT property to ON and write a conditional expression to trigger the resetting of your initial value i.e.

ISNOTBLANK([Order No])

When this expression evals to TRUE, the initial value of the existing record will be resetted and the expression in your initial value will be re-computed.

thanks but where do I put the conditional expression. Image below sets Status field to True or False?

@Martina
Click on the blue funnel icon to open the expression editor. Write down your expression and save it. That’s all.

Got it working! Thanks for all your help.