Complicated If Formula

I think this is what you are going for.  I tried doing it as a worksheet function, but got really buggered as I accidentally kept botching the command and had to start over.  Is a VBA solution acceptable?  

Public Function ComplicatedDecision(S2, X2, U2)

Dim sOutput As String

If X2 = "LIQUID" Then
    If S2 > 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSRA"
        If U2 > 0.3 Then sOutput = "+TSRA"
    Else
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-RA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "RA"
        If U2 > 0.3 Then sOutput = "+RA"
    End If
End If

If X2 = "FROZEN" Then
    If S2 > 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSSN"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSSN"
        If U2 > 0.3 Then sOutput = "+TSSN"
    Else
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSRA"
        If U2 > 0.3 Then sOutput = "+TSRA"
    End If
End If
  
If X2 = "FREEZING" Then
    If S2 > 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSFZRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSFZRA"
        If U2 > 0.3 Then sOutput = "+TSFZRA"
    Else
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-FZRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "FZRA"
        If U2 > 0.3 Then sOutput = "+FZRA"
    End If
End If

If S2 < 0.01 Then
 sOutput = ""
End If

ComplicatedDecision = sOutput

End Function

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Sample attached
EE_ComplicatedDecision.xlsm

The function call expects 3 parameters.  You can put the output in any column.

ComplicatedDecision(S2, X2, U2)

If S2, X2 and U2 are in B5,C5 and D5 then put this in column Z.  then you can copy paste the function call.

=complicatedDecision(B5,C5,D5)

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I just noticed I had the output incorrect for FROZEN

correction

Public Function ComplicatedDecision(S2, X2, U2)

Dim sOutput As String

If X2 = "LIQUID" Then
    If S2 > 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSRA"
        If U2 > 0.3 Then sOutput = "+TSRA"
    Else
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-RA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "RA"
        If U2 > 0.3 Then sOutput = "+RA"
    End If
End If

If X2 = "FROZEN" Then
    If S2 > 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSSN"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSSN"
        If U2 > 0.3 Then sOutput = "+TSSN"
    Else
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-SN"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "SN"
        If U2 > 0.3 Then sOutput = "+SN"
    End If
End If
  
If X2 = "FREEZING" Then
    If S2 > 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSFZRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSFZRA"
        If U2 > 0.3 Then sOutput = "+TSFZRA"
    Else
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-FZRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "FZRA"
        If U2 > 0.3 Then sOutput = "+FZRA"
    End If
End If

If S2 < 0.01 Then
 sOutput = ""
End If

ComplicatedDecision = sOutput

End Function

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The spreadsheet you gave does not have the macro function.

Which columns correspond to S2, X2 and U2?

ComplicatedDecision(S2, X2, U2)

I call tell that X2 is column E because it contains LIQUID, but not sure about the others.

If all the parameters are not specified, then the result is blank.

I noticed that you changed the U2 and S2 if statements.

since that is what you are needing, then I think the first S2 if statement needs to be less than instead of greater than.

Public Function ComplicatedDecision(S2, X2, U2)

Dim sOutput As String

If X2 = "LIQUID" Then

    If S2 < 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSRA"
        If U2 > 0.3 Then sOutput = "+TSRA"
        Else
        If S2 >= 0.01 And S2 <= 0.1 Then sOutput = "-RA"
        If S2 >= 0.1 And S2 <= 0.3 Then sOutput = "RA"
        If S2 > 0.3 Then sOutput = "+RA"
    End If
End If

If X2 = "FROZEN" Then
    If S2 < 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSSN"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSSN"
        If U2 > 0.3 Then sOutput = "+TSSN"
    Else
        If S2 >= 0.01 And S2 <= 0.1 Then sOutput = "-SN"
        If S2 >= 0.1 And S2 <= 0.3 Then sOutput = "SN"
        If S2 > 0.3 Then sOutput = "+SN"
    End If
End If
  
If X2 = "FREEZING" Then
    If S2 < 0.01 Then
        If U2 >= 0.01 And U2 <= 0.1 Then sOutput = "-TSFZRA"
        If U2 >= 0.1 And U2 <= 0.3 Then sOutput = "TSFZRA"
        If U2 > 0.3 Then sOutput = "+TSFZRA"
    Else
        If S2 >= 0.01 And S2 <= 0.1 Then sOutput = "-FZRA"
        If S2 >= 0.1 And S2 <= 0.3 Then sOutput = "FZRA"
        If S2 > 0.3 Then sOutput = "+FZRA"
    End If
End If

If S2 < 0.01 Then
 sOutput = ""
End If

ComplicatedDecision = sOutput

End Function

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Sample03.xlsm