I need to show the project status depending on the number/type of JIRAs.

[Rajasekar]

I need to show the project status depending on the number/type of JIRAs. 

For example if there is critical JIRA then I should display Red, if there are blockers then Yellow, likewise.

I need it to be dynamic.

[Rodrigo Silva]

I'm afraid this functionality is not presented in JIRA Cloud. To achieve this you'd have to install aplugin like the one below:

https://marketplace.atlassian.com/plugins/org.hakanai.jira.plugins.jirastatuscolor/server/overview

Since this is a server only plugin, you might want to contact the Developers to see if there's any version for Cloud platform on the map.

Cheers,

Rodrigo Silva