|What do you mean by indicators?|
As far as I know the only time the term indicators is used in Excel is when they're talking about Comment or Error indicators.
If you are trying to return a specific Text string based on an amount in a cell, then an IF statement might work, as well as VLOOKUP.
However, there are a couple of issues with your example data.
1 - Other than Tier 4, your Tiers overlap. Tier 2 starts at 500K and Tier 3 ends at 500K. Tier 1 starts at 1M and Tier 2 ends at 1M. Is it supposed to be that way?
2 - Maybe it's not possible, but you don't say what Tier a value over 2M would belong in.