You didn't say what you wanted to happen if other values were entered, nor if
the value is 0.5.
The following will return the text "Out of range" for any value 0 or below,
1 and above or for exactly 0.5:
=IF(AND(F4>0,F4<0.5),0,IF(AND(F4>0.5,F4<1),1,"Out of Range"))
To return 1 for 0.5:
=IF(AND(F4>0,F4<0.5),0,IF(AND(F4>=0.5,F4<1),1,"Out of Range"))
To return 0 for 0.5:
=IF(AND(F4>0,F4<=0.5),0,IF(AND(F4>0.5,F4<1),1,"Out of Range"))