No Equal is a British style EQ which allows you to make frequency adjustments to your signal. There are 5 bands to this EQ, separated with stitching, which control different parts of the frequency spectrum.
The 5 bands all have a red frequency control which sets the range where the EQ is working, but the 3 middle bands also have silver gain knobs which allow you to select how much you want to boost or cut the signal around those frequencies. So, why only 3 gain knobs and not one for each band? All of the 5 EQ bands are designed to do different things within different regions of the audio spectrum.
To use the 3 bands with BOOST/CUT knobs effectively, first turn the BOOST/CUT knob all the way up (+18 on the right is all the way up). Then adjust the red frequency knob until you hear the sound that you want to add or remove. Finally adjust the BOOST/CUT knob back down to taste.
LOW CUT is a filter which gently removes the frequencies below the setting on the knob. Just set the frequency knob to the desired frequency to turn it on. This band doesn't have a gain knob because it is designed to remove as much as possible below the set frequency.
LOW is a shelving filter which allows you to boost or cut all frequencies below the selected frequency. This band is designed to give you precise control over your bass response.
MID is a peaking filter which cuts or boosts content in the crucial mid-range frequency band. This is probably the most often used band as you can add presence or create holes for other instruments.
HIGH CUT is a filter which can be used to reduce high frequency noise or distortion.
