Multiband EQ
The Multiband EQ is a set of cascading EQ bands for more fine control, combined with a realtime frequency spectrum UI so you can see the sound sculpting in action.

Parameters
The Cutoff, Gain, and Q knobs are contextual to the band you have selected. You can select a band either by clicking on the numbered blue handles on the spectrum UI, or the bell/filter band shapes below it.
Cutoff
The frequency the selected band is centered on.
Gain
How much the selected band boosts or cuts.
Q
How wide or narrow the selected band is.