A really nice fly(Olive Willy), but then I always fall for softhackle flies. An excellent emerger pattern which I shall have to try on the wild brownies in the Highland lochs.
I have tied a fly very similar to this. No red bead or bead for that matter. Works very well on trout in lakes when cast over moss or near the tules. I like this one better and will be tieing some up for my arsenal.