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Originally shared by Google Docs

Color scale conditional formatting in Sheets
Now it's even easier to visualize which numbers are the highest and lowest in a range--just select the “color scale” option when setting up conditional formatting. Plus, if you change any of the values, the colors will automatically update as you go. More info in the Help Center:  http://goo.gl/GhRKQG

And one more thing: you can now import Excel files with color scale formatting too!