The Parasol is an item in Super Smash Bros. Melee. The Parasol is a poor throwing weapon, as it will open shortly after being thrown, making it drift slowly towards the opponent, but it travels extremely far when thrown up or down as it doesn't open.
The Parasol can be used not only as a weapon, but also as a personal parachute, reminiscent of the parasol from the Kirby series. The Parasol will automatically open if the player holding it is falling through the air, even after a third jump, greatly aiding horizontal recovery. In order to fall normally, the player must press Down on the Control Stick. Pressing upwards will re-open the Parasol, which will cancel the helpless state; this is the only item (or mechanic in general, aside from Peach's own parasol) capable of doing so.
In Kirby's Dream Land, there are Waddle Dees and Waddle Doos that come down on parasols. Kirby's Adventure introduced the copy ability which allowed Kirby to suck up an enemy with a parasol so that he could have one. The parasol acted as a weapon that Kirby could pummel an enemy with. Kirby could also slowly descend while holding the parasol. The parasol also made an appearance in Kirby Super Star and it behaved the same as it did in Kirby's Adventure. In Melee, the parasol is an item that can be used to hit opponents and can be used to slowly descend downward. The design of the parasol looks similar to how it looked in Kirby Super Star. 
 Damage Table
In Brawl, the momentum of a projectile will affect the damage a character will receive; these are recorded in bounces.
The Parasol's knockback sends opponents flying more vertically than horizontally.
 Trophy Description
The Parasol, which was originally used by Kirby, can be used as a weapon to bludgeon enemies. Even better is that fact that players can open it while airborne and lazily float back toward safe ground. It's incredibly useful in returning to the field of play after an opponent gets the better of you and sends you flying.