A system for deploying a cable, such as a ship's anchor chain, wherein the chain is measured as it is deployed and the deployed length displayed on a visual display. The chain consists of links of a first composition, with indicator links of a second composition disbursed at regular intervals along the length of the chain. A sensor, such as a magnetometer or densimeter senses the difference between the links of the first composition and the indicator links of the second composition. A computer then multiplies the number of indicator links deployed by the regular interval to determine the length of deployed chain, which is then displayed on a display board which is located proximate the sensor or remotely. The linkage between the sensor and the display board may be either by wire or wireless connection. The system may be applied to a rope or continuous cable with equal effectiveness.