An ice fishing trap comprising a main body supporting a rotatable spool for supporting a desired length of fishing line. An indicator, having both a set position and a triggered position, is supported by the main body. A release rod cooperates with the rotatable spool and, when the indicator is in its set position, and also cooperates with the indicator. The release rod has a first position in which the release rod captively retains the indicator in its set position and engages with the spool and the release rod has a second position, axially spaced from the first position, in which the release rod releases the indicator to permit the indicator to move to its triggered position, and rotation of the spool moves the release rod from its first position to its second position to actuate the indicator into its triggered position.