Indication
Searching pattern when no fish are rising and you don't know where they are.
Instructions
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Start thread about 2 eye-lengths back of the eye, and wind to the bend. Tie in the tail. You want deer or elk hair.
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Trim the hair butts about halfway to where you first tied in the thread. This way the butt of the wing will meet it and give a smooth body contour.
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Wind the thread forward to the tie-in point.
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Cut a wedge from the tip of a turkey flat, roll it into a bundle, and tie in with the tips toward the eye so that the resulting wing post is as tall as the hook shank is long.
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Trim the feather butt so it blends with the ends of the tail fiber butts. Now stand the wing post up and wind six or seven wraps tight to its base to prop it upright.
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Wind the thread up the post about 1/8" to stiffen it, wind back down, and wind back to where the tail was tied in. You'll see why I wanted you to trim the butts just so.
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Put a drop of head cement on the base and threads of the wing post. Sally Hansen Hard-As-Nails is great.
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Dub hare's ear on your thread, and wind forward to the base of the wing post.
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Pick a grizzly hackle feather with barbules which will reach the bend of the hook when wound on, strip the barbules away from the stem at the base to expose about ¼" of bare stem, and tie it in horizontally behind the wing.
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Stand the wing up vertically and bind the stem against the wing post up about 1/8" then wind back down to the base, dub on a little hare's ear, and dub a head in front of the wing in such a way that you end up with the thread back at the wing base again.
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Now wind your hackle around the wing post, starting from the top of the threads down towards the body, three or four turns.
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Catch the remaining unwound hackle with your thread which you cleverly left hanging right there for the purpose, and bind it down with several horizontal turns around the base of the post.
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Finally, turn the fly vertically in the vise so the eye is down, and with your whip-finish tool do a whip under the hackle fibers around the base of the post. Done.

Doctor's notes
Tying parachutes can seem very fiddly at first, but I find it easier than the conventional upright-and-divided wings. This design can be applied to any pattern you like. Dick Talleur's The Art of Fly Tying is an excellent introduction to the basic techniques.
Tom Rosenbauer sings the praises of this particular parachute in Prospecting for Trout. It floats well, is very visible, and is a good general imitation of a trout stream insect, so you can run it through all the likely- looking spots to pound up fish. It has worked for me during mayfly and caddis hatches as well, and works for stillwater bluegills too. This type of fly gets its name from the horizontally-wound hackle.
See also A.K. Best's Fly Box for good instructions on tying parachutes.