Is it possible to use a Yes/No field in a database to show/hide a badge?

Meaning if the Yes/No field is set to No then I don't want to see any badge, but if it's set to Yes I want to see a badge.

I tried to enter the following in the field's Display Custom Format, but that doesn't work (the badge never shows)

{{if $value == "Yes"}}
	<span>Legacy</span>
{{endif}}

I tried the following but the badge always shows

{{if $value}}
	<span>Legacy</span>
{{endif}}

Edited September 3Sep 3 by David N.

Use $formValue instead.

{{if $formValue}}
    Yes
{{endif}}

That worked! Thank you!