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.
