This explanation was actually very good Werner, along with the screen shots. I’ll do my best to expand on it a little…
The “Q” is the bandwidth around whatever frequency you have that “dot” selected for. In Saturn’s screen shots, it’s set for 100hz… getting down towards the lower end of the bass spectrum. It’s set to increase that frequency by 5db. The Q bandwidth will affect how broad a spectrum that 5db boost will affect. In the upper picture, it’s a broader bandwidth… meaning that 100hz will be raised by 5db, and then gradually decrease across the frequencies that bandwidth covers. You’ll see that bandwidth, looking like a bell curve, starts to get back to unaffected up to around 1K, and down to very low, below 32hz. Pretty broad.
In the lower screen shot, the bandwidth is much tighter, with 5db gain centered at 100hz, but then quickly tailing off on either side so that it’s back to zero just above 125hz and 75hz on the lower side. This is often referred to as a notch… not something you’ll want to do very often. Usually a notch is used to filter out a prominent frequency that’s creating a problem in a recording… not something you’ll see much on typical official releases, but might show up in some live recordings and such.
The Q control is what really distinguishes a parametric from a standard graphic EQ… where all the frequencies are assigned and have a preset bandwidth (Q) that is an “average” amount and overlaps a bit with the frequencies on either side. As well, the parametric lets you change the main frequency of each “slider.” So where you might typically find 10 sliders or more on a graphic EQ, a parametric might only have 4 or 5 because of its flexibility.
Some keys to keep in mind… generally speaking, less is more unless a recording is really out there. And, pro tip, think about reducing a key frequency first rather than raising a bunch of them. A properly targeted cut can really clean up a lot of problems. 400hz can sometime be dramatic.
The thing that’s missing here that can really be helpful is an overlaid spectrum that can show you in real time where certain frequencies might be either deficient or dominant. But, of course, the best thing is always to let your ears guide the way.
A way to start training yourself with a parametric is to pick a frequency, lower it by a lot (say 10db), hear what you hear, then play with the Q to hear what that does.
Hope that helps!