A fish bite indicator system includes a flag post having a flag attached to the post by a removable collar. The post is further attached to an elbow member by a coil. The elbow member is attachable to a pole of a fishing rod. The coil urges the post into a perpendicular orientation with respect to the pole. A retention assembly is provided for holding the post in a parallel orientation when in a set position. The fishing line passes through the retention assembly such that sufficient pull on the fishing line disengages the retention assembly such that the post returns to the perpendicular orientation. The fish bite indicating system is also usable without the retention assembly by retaining the post using the handle of a spinning reel. The elbow member is adjustably attachable to the pole using a bolt and nut holding a pair of rubber washers around the pole. A pair of metal washers are positioned around the rubber washers, one of the metal washers having a bent portion urging one of the rubber washers around the pole such that the pole is secured between the rubber washers.
