Edward,
Regarding the position of the indicator and problems with sliding. I have had the same experience a couple of times. Consider passing the top of the indicator twice through the loop. It will give an extra twist, but steady the ring on the line.
I have also used the indicators on knotted leaders where a knot will stop the indicator from sliding.
A smaller O-ring leading to a tighter loop might also do the trick.
Hope this helps.
Martin
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