Start the UTC - Olive thread behind the eye and run it to the bend. Dub a small ball of Hareline Ice Dub - Olive Brown at the bend to splay the tail legs.
Fold a short length of MFC Sexi-Floss Medium - Olive Barred around the thread and bind it down against the dubbing ball so the two legs splay out as a tail.
Cut a strip of Hareline Thin Fly Foam 2mm - Brown about a hook gap wide and tie it in from the midpoint of the shank back to the bend.
Wax the thread lightly, form a dubbing loop with Hareline Ice Dub - Olive Brown, spin it, and wrap the abdomen forward to the midpoint. Close the loop and trim.
Pull the foam forward over the abdomen and bind it down at the midpoint with a couple of tight wraps; trim the excess. Figure-8 X wraps back over the body to create segmentation.
Fold four strands of Hareline Midge Flash - Pearl around the thread, cinch, and trim them to about the bend of the hook.
Clean and stack a small clump of Hareline Elk Hair - Natural (less hair splays better) and tie it in with tips reaching about the end of the bend. Work the thread forward through the butts and trim the excess.
Dub Hareline Ice Dub - Olive Brown from front to back over the elk butts.
Cut a notch in the end of a second strip of Hareline Thin Fly Foam 2mm - Brown and tie it in so it extends back about halfway over the elk hair. Cinch tight.
Tie in a pair of MFC Sexi-Floss Medium - Olive Barred legs on each side at the thorax (a drop of super glue on the thread locks them). Tie a strip of Hareline Thin Fly Foam 2mm - Chartreuse on top as the indicator.
Bring the thread forward to just behind the eye and cinch the brown foam down there. Tie the MFC Sexi-Floss Medium - Olive Barred antennae on top with a couple of tight wraps, then fold the chartreuse indicator forward over them and cinch, which sets the antennae splayed.
Whip finish. Trim the indicator to about the same length as the rear foam tab and trim the legs even.