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IF and REGEXMATCH formula excluding RR in a column but select for letters K-Z

Time:02-19

So, I have a formula graciously shared by someone here that works amazing in highlighting cells in a column that contains letters from K to Z, excluding RR. Here it is below...

=REGEXMATCH(E5:E,"[K-Z]")*(REGEXMATCH(E5:E,"RR")=FALSE)

But, I'm trying to accomplish the same thing with an IF formula (not conditional formatting), where if a cell in column E contains a letter from K-Z, it will display the green checkbox, and if not, display the red down arrow. I'm not sure exactly how to exclude RR again in the equation. Here's the formula I'm trying to get to work...

={"OL";ARRAYFORMULA(IF(E5:E="",,if(REGEXMATCH(E5:E,"K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z"),"✅","           
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