An ice fishing trap comprising in its operational state a crossbeam dimensioned for extending across a hole in ice covering a body of water, and a hingedly coupled vertical mast. The vertical mast has a rotatable reel dimensioned to carry a length of fishing line and a hook. A trigger mechanism is provided, wherein a rotation of the reel causes an arcuate movement of a trigger hook. One aspect of the invention provides at least two stabilizer limbs hingedly coupled to the crossbeam, so as to form a general Z shaped support base when operational. In another aspect the fishing trap provides a trigger bolt coupled to an indicator spring, wherein the trigger bolt is utilized to couple the indicator spring to the trigger hook. The trigger bolt is slidingly supported by bolt guide, thus providing improved resistance to false indications due wind vibration and the like. Preferably, the trigger bolt is coupled to the indicator spring by a ring shaped coupler.