Red parrot fish fightvisit at:

My fish, Mango! He's a red blood parrot cichlid.
Photo provided by Flickr
There has been a lot of speculation over what fish are bred in order to get Blood Parrot Cichlids. The most common suggestion is that they were made by breeding the Midas Cichlid (Cichlasoma citrinellum) and the Redhead Cichlid (Cichlasoma synspilum). However, below is a list of every pair that I have seen suggested.
Red Parrot fish and Black Ghost Knife fish fighting
Photo provided by Flickr
The Blood Parrot Cichlid is a hybrid fish that was first created in Taiwan in the mid to late 1980's. Its parentage has been highly disputed, but the most commonly speculated pairings are Midas Cichlid (Amphilophus Citrinellus) with the Redhead Cichlid (Paratheraps Synspilum). One of the more wild theories is the Severum (Heros Severus) with the Red Devil Cichlid (Amphilophus Labiatus). Blood Parrots have a round body, a beak shaped head with an upside down triangle mouth. They are often seen in bright orange in coloration, but seen in other colors such as red, yellow, brown, and tan. Other colors have been produced such as green, blue, and purple by dyeing the fish, which shortens life expectancy. Red parrot swimming amongst a mixture of South American cichlids and other large fishes.
Photo provided by FlickrRed Parrot Fish, Blood Parrotfish. Do not confuse it with the Parrot Cichlid. Also, is not related to the saltwater Parrot fish.
Photo provided by FlickrCommon Names:  Blood Parrot Cichlid, Red Blood Parrot, Red Parrot Cichlid, Red Parrot Fish, Parrot Fish.
Photo provided by Flickr
Finally, there are the pajamas. Every night, certain species of parrotfish envelope themselves in a transparent cocoon made of mucous secreted from an organ on their head. Scientists think the cocoon masks their scent, making them harder for nocturnal predators, like moray eels, to find.Blood Parrots have many features that set them apart from other cichlids. The most obvious is the "beak" they possess for a mouth. A true Parrot Cichlid is unable to close its mouth, but instead, uses the muscles in the throat to chew or crush food. It's a misconception that these fish can't eat from the surface. Every Parrot Cichlid owner I have encountered, including myself, report that theirs eat easily from the surface.

It's also been commonly stated that Parrot Cichlid's have deformed swim bladders. These organs control buoyancy and allow the fish to maintain a certain depth in the water column. If they do have swim bladder problems, it's not evident in the ones I keep. Many people think that, due to this deformity, the fish must constantly swim to stay afloat and keep level. In most cases, I have also found this to be untrue.

I can however, agree with the fact that Parrot Cichlid's possess a deformed spine, this is one the reasons they have such a unique shape. I don't believe it to be much of a problem for them. I've had reports of Parrot Cichlids living perfectly good lives for up to 10 years.

A true Parrot Cichlid will also have larger than normal, bright yellowish-green eyes. Many have an oddly shaped or overly large iris. Some have a oval iris while others have a round iris. Some have a streak leading from the iris to the outer edge of the eye. One of ours have this feature and it gives the illusion of wearing mascara. Very cute! Their eyes are definitely one of the traits that gives Parrot Cichlid's such a great personality.