In this paper, we generalize the notion of functional graph. Specifically, given an equation $E(X,Y) = 0$ with variables $X$ and $Y$ over a finite field $\mathbb{F}_q$ of odd characteristic, we define a digraph by choosing the elements in $\mathbb{F}_q$ as vertices and drawing an edge from $x$ to $y$ if and only if $E(x,y)=0$. We call this graph as equational graph. In this paper, we study the equational graphs when choosing $E(X,Y) = (Y^2 - f(X))(λY^2 - f(X))$ with $f(X)$ a polynomial over $\mathbb{F}_q$ and $λ$ a non-square element in $\mathbb{F}_q$. We show that if $f$ is a permutation polynomial over $\mathbb{F}_q$, then every connected component of the graph has a Hamiltonian cycle. Moreover, these Hamiltonian cycles can be used to construct balancing binary sequences. By making computations for permutation polynomials $f$ of low degree, it appears that almost all these graphs are strongly connected, and there are many Hamiltonian cycles in such a graph if it is connected.