A Balanced Price Range happens when a price quickly goes up and then just as quickly goes down, or vice versa. After this, what we have is like two "fair value gaps". Think of these as two places where the price really likes to hang out. This can often pull the price back before it decides to go up or down again.
Balanced Price Ranges might be a sign that the market's behavior is about to change. Often, the price will go back and test these areas again, but it usually bounces back or "rejects" these levels.
To enable the feature simply head over to the indicator settings.
When you are inside the SMC settings - locate the "Imbalance" section and make sure to check the Balanced Price Range (BPR).