Abstract: An improved, internally calibrated, accurate drag setting device for fishing reels is provided which allows the user to quickly and easily set reel drag and receive a visual or audible signal when this has been accomplished. The device includes a shiftable switch and an adjacent, reciprocal, spring-biased drag rod having a hook-receiving eye and a laterally projecting, switch-engaging foot thereon. A light is operatively coupled to the switch to indicate operation thereof, and an exterior setting knob is connected through a rack and pinion gear drive to the switch. In use, the switch is set by the knob a distance from the drag rod foot corresponding to the poundage rating of the line being used, and the reel line is secured to the rod eye; the drag rod is thereupon pulled upwardly through the line against the bias of the rod spring until the projecting foot thereof engages the spring to actuate the latter and illuminate the indicating light.