1-Open a new file with size of 1000 x 600 pixels, add a new layer and name it line or line flow and draw up your line in black color, width of 3 or 4 pix with the shape of the ribbon you intend to create:
“If you are planing to make a symmetrical ribbon then just draw a half of the line then mirror it using Mirror plugin, like this”:

And with Mirror plugin to get this:


2-Select All this layer and copy it to clipboard.
3-Add a new layer and name it gradient, fill it with a multi gradient using the Multi Color Gradient plugin, and if you want to use just 2 colors then check "Alternating Colors", use these effect or as liking:

To get this gradient

4-Open Alpha Mask plugin, check “Invert mask” and “Paste From Clipboard” boxes, to get a line with multi gradient colors:

5-Delete the line flow layer, and duplicate the gradient layer, open Trail plugin on the bottom gradient layer and set the Direction angle to 270 and the Distance as desired, to get a shape similar to this:

6-Gaussian Blur the upper gradient layer and Change the blend mode to Negation or as liking:

To get this effect:

7-Make a square selection using the Rectangle Select tool, using the Move Selection tool, drag the selection to the edge of the ribbon and rotate it then hit Delete on your keyboard to cut the edge with a “
V ” shape, and do the same for the other end:

To get this final shape:

8-You can add some distortion to the ribbon using
TubeOblique plugin or layer
Rotate/Zoom:
This with
TubeOblique plugin:

The resulted Image:

And this with
Rotate/Zoom:

And here are some more examples:
