If late - Change Status

I would like the Green, Yellow and Red status to be automated some. If I have a project marked Green that is due [insert time frame] then I want the status to automatically change to yellow. If I have a project that is now past due, I would like the status to turn to red. I would love if these were settings on the admin side so we could set the date range for the yellow status. Maybe have as a folder permission that "Auto Status" can be turned on or off.