Formula: $VALUE$ == "aa" ? "ON": "OFF"

Formula: $VALUE$ == "aa" ? "ON": "OFF"

Hi, I enter formula `$VALUE$ == "aa" ? "ON":  "OFF"` into "Formula and unit" field like this:


But unfortunately, I see that problably it is not working. On the left RAW value, on the right same, but with added this formula:


What could be wrong?
Best regards, S.

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