Kinda Looks like Dinoflagellates to me (going by the bubbles). More often than not an excess of nitrates and/or phosphates is the problem. A few things I have done in the past to control outbreaks
Carbon as a scrubber can help, run actively or passively. I recommend almost everyone use carbon in there sump; run passively at least and changed at regular intervals. It improves water clarity as well as quality.
Raised pH can eliminate the problem but perhaps only short term without other issues being addressed.
A refugium, if space allows, can go a long way in counteracting dino's as well as many other BAB's that are commonly discussed.
Nitrate sponges or some other NO3 remover can be affective.
Granular Ferric Oxide (GFO) can be used (with caution) to remove phosphates
Most of the algae is turning green now which I am very happy about but the piece with the bubbles has gotten a little worse and seems to have some pieces stringing now. Not sure if its the stuff your talking about but do you think I should actively treat for it. I already have carbon in my filter and I am currently raising a low ph.