A bow fishing reel for mounting on a bow. The reel provides an indicator for alerting a shooter when the reel is configured to fire safely. A main shaft in a body of the reel is positionable from a rearward winding position to a forward casting position by depressing a thumb button protruding the reel body. A thumb button structure engages with the main shaft for transitioning the main shaft from the rearward winding position to the forward casting position. A visual indicator displays a first indicator when the main shaft and thumb button are in the casting position. The visual indicator may be located on an indicator portion of the thumb button that is visible through an indicator window on a reel upper surface. The visual indicator may include a negative indicator and a positive indicator. A secondary negative indicator may also be provided on the thumb button.
