Use event statuses to describe where an event is in your business process and help your team recognize it in calendar and report views.
Steps
Open Settings > Business Setup > Event Statuses.
Add a status or open an existing one for editing.
Give it a clear name and choose the display options, such as its color.
Save, then select the appropriate status on an event.
Status, stage and booking are different
An event status describes the event. A sales stage tracks the lead in your pipeline. Booked, cancelled and archived states have their own effects. Naming a status Booked does not replace the booking rules.
Using a status in automation
Use the relevant workflow triggers and conditions to decide what should happen when a status changes. Review and publish the workflow, and use Review Automations when applying changes to existing events.