objects/oParachute/collision_oItem.gml
From spelunky.gmk, Spelunky Classic 1.1's source, © 2008, 2009 Derek Yu and Mossmouth, LLC, shown whole under the Spelunky User License v1.1b. Extracted by spelunky.ai's tools, an unofficial fan project, one file per script or event; the // ==== lines are the extractor's, naming each action of the event. Some scripts are others' work that Derek Yu credits in the source's readme.txt: Martin Piecyk's platform engine, ChevyRay's view scaling scripts and tsg1zzn's Super Sound System.
oParachute's collision oItem event, 5 lines of GML.
if (other.xVel > 0 or other.yVel > 0){ instance_create(x, y, oParaUsed); instance_destroy();}