I'd seen something like this in a magazine. Most patterns call for angora yarn, which is not cheap.
I used vernille in Fl. Shell Pink - It was in the drawer and I had thread to match. Looks delicious wet, too.
Was awesome on our first outing in 2012 with Project Healing Waters at Rainbow Falls.
I knew this was an effective steelhead pattern, and had totally forgotten they had just stocked about
400 Donaldson Steelhead in some of the lakes up there. Worked well as a 'reaction strike' fly in the lakes
when fished under something heavy.
I tied this on a TMC 2499SP-BL, which actually lends itself well to being an effective egg hook.
The very wide hook gap helps in getting more hookups, and that really long, sharp point keeps the
fish on the hook a lot better than expected - considering it's barbless!
Hook: TMC 2499SP-BL in size 16 or 14
Thread: UTC 70 Denier in Fl. Shell Pink
Tail/Flash: Midge accent or Krystal Flash in opal - 5 or 6 strands (or 1 long strand wrapped in a loop around your thumb, cut ends off when you're done)
Body: 3 strands of vernille (like you use for San Juan Worms) in Fl. Shell Pink, 3-4" long, hold in a bundle.
Veiling: 2 or 3 CDC oiler puffs in white
Tie in tail.
Tie in 3 strands of vernille down at bend of hook, cover ends back to 2 eye gaps behind eye. Return thread to bend of hook.
Use your bodkin, or a round toothpick if this is easier for you to create spacing for the first loop. Hold down with 3 thread wraps to hold tight to hook shank. Pick up yarn and work thread a little further forward. Create second loop with your bodkin or toothpick, making successive loops a little bigger as you work your way forward. Do four or five loops, which will create a juicy cluster of eggs.
Clip off your yarn about an eye gap or so behind the eye. Tie in veiling with 2 or 3 CDC oilers.
Other colors recommended have been white, yellow (immature Trout eggs), red, hot pink, orange, or even chartreuse. Curious to see what other colors you can come up with.