The gray bar overlaps all selected valuation methodologies and represents the concluded Valuation Range. This concluded Valuation Range is also displayed in the EV / EQV Bridge (the bar chart below the Football Field chart). The initial value range is calculated based on the approach outlined below but can be overwritten by the user under the "Change Parameters" menu.
For example, the grey bar for the Enterprise Value listed below would range from 111 to 278.
The Valuation Range takes all currently active Valuation methods (all methods displayed in the Football Field chart) into consideration and allocates the following weightings to each of them:
Each Entity, Equity, and LBO approach receives a weighting of 1;
Each Trading, Transaction, and Venture Capital approach receives a weighting of 0.5.
The weighted average of all valuation methods is then calculated which is used as the mid-point for the concluded Valuation Range. The minimum and maximum points of the value range are derived by subtracting and adding one (weighted) Standard Deviation of all valuation methods. This approach means that the more consistent the results of the individual valuation methods are, the narrower the range will be, and vice versa.
You can always change this range at the top of the Parameters menu on the top right of the screen.
You can read here about How to Change the Parameters of the Valuation.
Here is a video for your reference -