BLUE WING OLIVE PARACHUTE
Step 1

Run the thread up the hook until you reach about three eye lenghts back toward the bend of the hook.  Tie in your wing post as shown using a pinch wrap.
Step 2

Clip the butt ends of the post material using an angled cut to help forn a  tapered body.  Wrap your thread up the post a few wraps to forn a base for the hackle to be wound over as shown and then wrap to the bend of the hook completly covering the clipped post material.  Stop when the clipped post material is covered with thread.
Step 3

At this point tie in your tailing material wrapping even thread wraps back until you reach the bend of the hook.  Clip off any tailing material sticking out with an opposite angled cut in reference to the post material.  This should give your body a nice tapered effect.
Step 4

Add dubbing to the thread until you have formed a neat tapered rope.  Wind the dubbing rope to the post material.  You should still have a small amount of dubbing rope left as shown.
Step 5

Tie in your hackle by placing the hackle to the near side of the hook parralel to the hook shank.  Wind the thread completly up the post material securing the hackle as you go stopping when you reach the end of the thread wraps formed on the base of the post. Wrap the thread back down the post stopping after you place a couple of wraps back on the hook shank toward the eye of the hook.
Step 6

Wrap the hackle down the post clockwise making 3-5 wraps with each wrap going underneath the previous wrap.  Place your final wrap under all other wraps and bring the hackle to the near side of the hook as shown.  Pull back the hackle fibers with your fingers and lock the hackle in with a couple of tight thread wraps.  Clip your hackle and wind the thread back to the base of the parachute post.
Step 7

Add a small amount of dubbing to your thread and wrap it forward forming the front of the fly.  When you have the taper you like, form a nice head and whip finish. 
Step 8

Clip the parachute post  It is personal preference how long the post should be.  I prefer a post just slightly shorter than the hook shank length.  Add some head cement and your finished.
Hook- Mustad 94840
Thread- Danville's 6/0 Olive
Dubbing- Superfine Olive
Tail- Light Dun Hackle Fibers
Hackle- Whiting Light Dun Saddle
Wing- White Plastic Canvas Yarn
This is another mandatory fly to have in any Pennsylvania fly box.  I prefer the parachute pattern for most mayflies not only for visibility purposes but also because I feel it offers a more realistic silhouette on the water.  This tutorial was intended to teach one way to tie the parachute pattern.  There are many ways to accomplish this and there is no right or wrong  way.  This is what works for me.