Abstract: A mounting plate is arranged to overlie an ice fishing opening within an ice plate wherein the mounting plate includes a downwardly extending support cylinder with the cylinder rotatably mounting a spool at its lower end with the spool coaxially aligned with the support cylinder. The cylinder includes an L-shaped guide hook to guide fishing line from the spool and mounts an axially displaced rotatable leg member in a parallel relationship, wherein the leg member includes a projection that cooperates with a further L-shaped member affixed to the spool whereupon rotation of the spool effects rotation of the leg member and the leg member includes a release leg at an upper terminal end thereof whereupon rotation of the release leg effects release of an indicator flag. The apparatus further includes a transparent bubble member to contain heat within the organization to maintain the ice plate opening in a free orientation relative to the apparatus.