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If Function In Time Range

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Good day... I need an IF Function that will allow me to action a time in a time range:

... If the time 04:16 falls in the time range 04:00 - 04:29, than put a one (1) in the filed x...
... If the time 04:16 doesn't fall in the time range 04:00 - 04:29, than leave the x fiel empty

Any help is appreciated.

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