I saw a bangle similar on Pinterest and thought I'd give it a whirl. I'm pretty sure the bangle was only $1 at Michael's and I always have a ton of embroidery floss on hand (which dates back to my friendship bracelet days haha). I hot glued a strand and then tightly wrapped it around the bangle until the next color. My tip would be to keep the strands in neat little bundles so you can easily pass them through the bracelet.
You could probably make it really pretty inside by skipping the hot glue, but I was in the mood for something fast (slash I'm a lazy crafter sometimes:p) It turned out to be a little bit of a statement piece because of the size, and I can't wait to find something to wear it with :)