A young adult or older dragon can unsettle foes with its mere presence. The ability takes effect automatically whenever the dragon attacks, charges, or flies overhead. Creatures within a radius of 30 feet x the dragon's age category are subject to the effect if they have fewer HD than the dragon.
A potentially affected creature that succeeds on a Will save (DC 10 + ½ dragon's HD + dragon's CHA modifier) remains immune to that dragon's frightful presence for 24 hours. On a failure, creatures with 4 or less HD become panicked for 4D6 rounds and those with 5 or more HD become shaken for 4D6 rounds. Dragons ignore the frightful presence of other dragons.
Based on the entry in Dungeons & Dragons Monster Manual 3.5