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Firstrike bite indicators
I love how small they are. I can actually fit more than one of them in the tube they come with, so they take up next to nothing for space. They take a little to get dialed in, and only certain size rods seem to fit them well, but I love how sensitive they are. I own so many different types of tipups/tips downs, and hooksetter devices that this is just one of the things I'll occasionally use.
I have three First Strike indicators and do like them for certain applications. For perch and crappies, they are fantastic with two caveats...
1. The flags are short. Like 6" short...which is why I use them for perch and crappies almost exclusively, as those sets are generally within 20-30 feet. In deep snow or distances much farther than 30 feet, the flags are hard to see. This can be nice on a busy lake as they don't draw attention like a 24" tip up flag waving around announcing you have a fish on...
2. I prefer to use them with the bail on my reel open. You cannot do this with the First Strike indicator as-purchased. You have to buy an additional Du-Bro line release clip that zip ties to your reel handle. The First Strike indicators are $10 each and the line clips will cost another $6, nearly doubling your investment. These line clips are also VERY small...small enough I would recommend ordering an extra one or two in case you drop one in the snow or down a hole due to cold fingers...ask me how I know.
Pro's of the First Strike indicator: They are VERY easy to store due to their compact size. I keep mine in a 3500 series tackle box that holds all three indicators, the line clips and a bunch of 4" zip ties to hold the line clips on the rod handle. I keep this box right in my rod case and can set the rods up when needed in a matter of a couple minutes. Another nice thing is they fit on nearly any ice rod and can be swapped easily to another rod for a different species. I also like that you can fight the fish on a rod and reel instead of by hand using heavy braid, which is more fun and keeps your line organized during the fight and prevents it from freezing to the ice. When set properly, it is also impossible for the wind to trip a First Strike indicator, which is nice.
I will mention that I also use Clam Arctic Warrtior tip ups as well. They are more visible, keep your rod farther off the ice and have a much longer and larger flag than the First Strikes do. I use them for trout, walleye and pike and they work great. They can be used for panfish, but are more difficult to dial in than the First Strike indicators, so I generally use the First Strikes for panfish.
Other than the line clips being expensive and sold separately and the small flags, I really like the First Strikes. I use HT 'Lift-N-Hook' rod holders, which fold flat and cost about $6 each. They hold the rod a little higher off the ice than the First Strike rod holders, which helps improve visibility. Attached is a photo of the Arctic Warrior for reference if you are not familiar with them, it is basically a tip down with a flag that shows when you have a fish hit.