Hi -
I don't usually respond to something when I DON'T know the answer...
... but in this case, I think it's probably appropriate.
Because ...
"%" is *NOT* a "metacharacter" in the shell. For example, "$PATH" indicates "the value of the shell variable "PATH". The DOS equivalent is "%PATH%". But the shell metacharacter is "$", not "%". "%" is NOT a shell metacharacter.
Similarly, "%" isn't a shell wildcard, either. For example, you "ls *.txt" will find all .txt files. "ls "?.txt" will find all one-character-prefix .txt files. The shell's wildcards are more extensive and more sophisticated than DOS wildcards ... but "%" isn't a wildcard character, either.
Finally, "%" IS used to designate shell "jobs". But it DOESN'T look like that's what you're referring to.
Soooooooooo .... "%" is a metacharacter or wildcard character ... in something BESIDES the bash shell.
For example:
EDIT:
Diantre posted the answer to your question below. The "%" in question are youtube-dl "Output Templates". They're documented here:
http://rg3.github.com/youtube-dl/documentation.html#d7