Highlight values between

Generic formula 

=AND(A1>=lower,A1<=upper)

Summary 

Note: Excel contains many built-in "presets" for highlighting values above / below / between / equal to certain values, but if you want more flexibility you can apply conditional formatting using your own formula as explained in this article.

If you want to use conditional formatting to highlight cells that are "greater than X and less than Y", you can use a simple formula that returns TRUE when a value meets those conditions. For example, if you have numbers in the range B4:G11, and want to highlight cells with a numeric value over 60 and less than 90, select B4:G11 and create a conditional formatting rule that uses this formula:

=AND(B4>=60,B4<=90)

It's important that the formula be entered relative to the "active cell" in the selection, which is assumed to be B4 in this case.