When using this card to search a Red-Eyes Spell or Trap card, use this effect to get "Red-Eyes Insight", and then use that card to get the wanted Spell or Trap Card. With that you get another Red-Eyes Monster in the Graveyard to use for other Effects.
You can equip this card to any Fusion Monster Summoned through "Red-Eyes Fusion", since that monster's name becomes "Red-Eyes B. Dragon" after being Summoned. Also if that monster leaves the field, this card will be sent to the Graveyard and you can search for another "Red-Eyes Fusion".
Combine this card with "Crush Card Virus" to potentially wipe out most of your opponent's monsters while also triggering this card's search effect.
Combine this card with "Ruins of the Divine Dragon Lords" to quickly summon "Red-Eyes Darkness Metal Dragon". By sending this card to the graveyard to summon a "Dragon Lord Token" thanks to the effect of "Ruins of the Divine Dragon Lords", you can add "Red-Eyes Darkness Metal Dragon" to your hand, and then banish the token to summon it. Then you can use the effect of "Red-Eyes Darkness Metal Dragon" to summon this card, and equip it to "Red-Eyes Darkness Metal Dragon" to power it up by 600 points if you don't have any other targets to summon.