"Parallels" was part of a collection of songs that Squire had written for his solo album "Fish Out of Water" (1975), but were left out due to the limited capacity of a vinyl record. He also felt the song did not fit with the style of the other tracks on his album. When it came to selecting songs for "Going for the One", Squire suggested the song for the group to record, which was received well by the other members. In its rough form, the song contained no guitar riffs. Its lyrics address the idea of hope, a recurring theme of Squire's lyrics.