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I put it on the probe wire where my lid comes down on the offset. I think it helps to keep the wire from getting kinked. That's the only place I use it.
Its to keep the high temps of your smoker from deteriorating the plastic sheathing of the wire, thus it will not become brittle and break. Plus it keeps the gunk,(drippings, juices, creosote ect) off the wire. And although I have not thought of it, pignit has a good idea as well. Wrap the wire where it exits the door on your smoker to prevent if from getting pinched.