How-to fly tying video showing a simplified version of the Lightning Bug.
There is some argument as to whether this fly is really a Lightning Bug. The main argument being it doesn't have peacock herl in the thorax. A secondary argument could be that it doesn't have a wingcase. It is also quite similar to Lance Egan's Rainbow Warrior, but the Rainbow Warrior uses a pearlescent mylar, not holographic, does not have a wire rib and has a wingcase. I would argue that it is more of a Lightning Bug, because companies like Orvis, Montana Fly Company and Fulling Mill have flies that they call Lightning Bugs that have dubbing thoraxes and in some cases don't have a wingcase. In the end I'm not sure it really matters. This flashy, heavily weighted nymph looks a lot like both and catches fish.
One cool feature is the fact that the overdubbed thorax dubbing gets teased out while fishing and ends up looking a bit more like a caddis pupae pattern would be tied. If you want to cut to the chase I recommend taking your bodkin, some velcro or a dubbing brush and teasing it out before it hits the water. It can also be tied in lots of color and size combinations. The recipe below is for the exact pattern seen in the video.
Hook: Firehole 609 Size 16
Bead: Tungsten Nickel 1/8" (7/64" if you want the more traditional look)
Thread: Red 8/0 or 70 denier
Tail: Ringneck Pheasant Tail Fibers
Body: Holographic Tinsel Silver Medium
Rib: Blue Brassie Ultra Wire
Thorax: Light Shade Rainbow Scud Dub