I recently saw an article in a past issue of a fly fishing magazine that suggested using small balloons - the tiny ones that kids use to make water balloons - as strike indicators.

I gave it a try and I think they are excellent! You can make them quite small (just enough air to make a tiny bubble when knotted close to the end) or very large (blow 'em up as far as you want). They float high and soft on top of the water, with very little splash on "touchdown". There's no messy floatant goop to mess with like with yarn indicators. Of course, their bright colors make them very easy to track, and because they tye asymmetrically onto the leader, they are pretty sensitive to strikes.

A simple overhand or slip knot has enough inherent friction to keep a very secure grasp on the leader, yet it's also trivial to just slide the balloon up or down to adjust the depth of your rig. It's also surprising how long they last. I had one on my rig for a couple of weeks.

They're also dirt cheap - a bag of a hundred (?) for less than a couple of bucks. That can't be a bad thing.

Just thought I'd share my review of this tip with the group here.