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Looks like a copy of the Beaver Dam only with slightly different parts. If you put the flag on 1 side of the spool shaft and hook the bail on the "Tee" on the other side of the spool shaft it makes it windless.
Also if there is a lot of snow I could set them like that on top of the snow with the reel out of the water. Sounds good in theory but would have to try it in the real world.
Sometimes I have to set spool in the water so it can thaw before setting the trap. Good point.