The most efficient rubber powered speargun (or any speargun for that matter) would have a band stretch (% elongation) as long as the speargun itself. This is the reason roller spearguns, and pneumatic spearguns are so "powerful". They utilize nearly the entire length of the gun stock.
For a "conventional" circular rubber, screw in rubber, or tie in rubber speargun, the length of the band at 0% stretch is "wasted".
The spearit calculator calculates the "optimal" band length based on the distance between your muzzle and your loading tab.
The number you input is the distance between muzzle and loading tab (D)
The number in yellow in the black box is your optimal band length (total circular rubber)
This is based on elongation which can be inputted
Their formula is L=2D/(E+1)
ex: L=2[100cm]/(2.0+1)
L=66.7cm or 26.2" this E+1 is elongation or %band stretch so (200%+100%) the (1) is the untensioned rubber
They explain it as 0% being an untensioned rubber but in the formula an untensioned rubber is 100%, anything beyond that is tensioned.
Instead of using the spearit calculator as the answer to your band setup questions, use it more like a guide line. Sure the calculation may work well on one speargun, but there are too many factors to consider, mass of the gun, mass of the spear, mass of the bands, wishbone length, type of track, balance of gun, fit of the handle, etc...