Can anyone explain how to do this pattern?

I really want to do this pattern: (the wristband, not the hat)

http://community.livejournal.com/hp_knitting/557945.html

But Im a beginning knitter and Im not sure how to make sense of it. I think Ive semi- figured out the chart but what I want to know is how do you get the sign in the middle? Do you have to do a color switch every time you come to that spot?

The sign comes from the second color, so you have to change the color of yarn you are working with everytime the pattern switches color.
You can try the intarsia method, which involves carrying the new color along with the first color. I’m sure there are instructions for it on this site.
Hope that helped and good luck!

I think you’d have the best luck working it by using the stranded method. Amy has video in the advanced section.