This is a jump stretch band squat. I really like these for metabolic finishers. 30 seconds of work, 30 seconds of rest. Repeat a few times. Try to get as many reps as possible in each set. Keep track and see in a few weeks if you can beat each set total.
The big blue bands add about 75-125lb of tension at the top depending on your height. Bands are a great tool as they train acceleration. You're moving as fast as possible. Where in a traditional squat without bands you have slow yourself down at the top. Bands allow you for very dynamic training. This exercise when done with more tension (more bands) less reps, can really improve the vertical jump.