I was recently introduced to the concept of probability as a conserved quantity in the context of QM, and the mathematics behind using the continuity equation on probability, specifically the free-particle equation: $$ \nabla \cdot \mathbf{J} + \frac{\partial |\psi|^2} {\partial t} = 0 $$
Eventually, we came to the well-known result $$ \mathbf{J}(\mathbf{r}, t) = -\frac{i\hbar}{2m}\left[\psi^*\nabla \psi - \psi \nabla \psi^*\right] $$ I would read this as implying that a wavefunction with no imaginary component means $\psi \equiv \psi^*$ and hence $\mathbf{J} = 0 = -{\partial |\psi|^2}/{\partial t}$ and so $|\psi|^2 = \psi^2$ is a function only of position, in other words, a standing wave.
I realise this is probably not the most insightful inference, but I'm interested to know if the reasoning is correct.