You need to monitor something that goes down when the link goes down. Then the link will go red. I have all my links coloured as green to symbalise that they are up. But they go red when the link goes down.
Just right click on the link in Atlas and in the Status setup just add the node or interface that goes down when the link goes down.
If neither a node or an interface goes down whilst you have a link outage, you'll need to setup something like a tunnel interface that monitors the other end or maybe UDLD would work for you.