Abstract: A demagnetically activated ice fishing indicator apparatus consisting of a magnet affixed to an elongated spindle found within elongated housing above and below which housing are bushings affixable thereto for receipt of the spindle threadably affixed to a spindle top component atop one bushing and to a spool with fishing line just below the other bushing, and; a cover unit with a center hole for receipt of the housing when the cover unit is resting on ice above an ice hole, and; equipped with a semi-metallic flag unit attached to a spring attached via a springclip to an upper portion of the housing such that when a fish bites bait at the end of the fishing line causing the spool, spindle and attached magnet to rotate; the flag unit previously adherent to the housing in view of alignment with the magnet, springs upwardly as the magnet is rotated out of alignment therewith.