What does Iron Fist Chi auras do?

Light version = Red aura, confers a 20% damage boost to all of his attacks.

Medium version = Blue aura, reduces all damage he takes by 20%.

Heavy version = Green aura, increases meter gain from his attacks by 50%. Does not affect other characters attacks or meter building assists (like Morrigan's).

Every version of Chi lasts 5 seconds (300 frames), but you can tag Iron Fist out and the timer will freeze, so whatever Assist he's using will be powered up for as long as he is tagged out. Every version of Chi on activation lasts 29 frames of animation, and frames 5 through 20 have super armor, so activating Chi at the right moment can actually serve as a parry-time move. The best time to use Chi though would be right in the middle of rekka combos, preferrably after a Dragon's Touch, right before you continue the combo.