Hi Shivam,
Currently, there is no way to edit the name of the band plot as it appears in the legend. You can customize the legend title. You could also chose not to display the band plots in the legend if they are not providing useful information as is. I agree that would be a nice feature to have. I recommend contacting our technical support department and offering this suggestion and maybe we can implement the functionality in a future release.
Thanks
Scott
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