@manishbharadia1, I'm sorry but I can not explain that system as that is a copyright study material from them and before learning it we entered into a contract not to share it outside that student group.
@ramza, Formula is shown above. I use it here on trading view only, not sure why candle mismatch on mt4
Here is the formula again:
study("Boring Candle", overlay=true)
candleColor = ( abs(open-close)/abs(high-low) > 0.5 )? (open < close ? green : red) : blue
plotcandle(open, high, low, close, color = candleColor)