Also known as superflip, this trick causes Link to either backflip or sidehop at the inital speed of damage recoil. All you need in order to megaflip is a shield and a source of damage, although a bomb is used most often.
1. Cast Nayru's Love 2. Place a bomb and move back so the A button doesn't say "grab" 3. Hold Z and R to hold your shield out and wait for the explosion 4. When it hits your shield, backflip and you will megaflip
1. Place a bomb and move back so the A button doesn't say "grab" 2. Hold Z and R 3. When the bomb explodes, press A to roll into the explosion then press down and A to backflip 4. If done correctly you will megaflip
Sometimes if you mess it up you will instead be hit while in the air and fall down.
This can also be done with enemy damage.
You can megaflip with a bombchu. These are pretty difficult and take some practice to nail the timing.
In routes that don't acquire bombs before Jabu's Belly, Big Octo Skip is performed with a Biri Megaflip. This video details a reliable, consistent set up to do so.
By performing a megaflip and equipping your hoverboots before you land, you will slide with great speed. This can be useful to cross large gaps like the ones in the water temple and the fire temple.