Hi Guys,
I know I will be pilloried by some for even mentioning 'floats'

but, there are times when they are usefull - and of course there is always the klink or dry fly 'float' (ok, I know they do have hooks in them.)
Just out of interest I conducted a few float tests to see what the various 'home made' ones would support. These are the results:
1. 10mm O ring / 25 mm long (overall) - polyprop yarn + water shed for 24 hrs / will only support 1 x 4mm (5/32") copper bead. Two beads sink it !
2, Lake #10 hook (same as a wet hook but slightly larger gape) / 6mm foam tube tied to hook / marabou wing & tail. Single 4mm (5/32") copper bead sinks it !
3. 10mm O ring / 2mm thick foam - 12mm wide by 15mm long (4 thicknesses - 2 green & 2 yellow) supports 5 x 4mm (5/32") copper beads.
4. As in 3 above but cut down width wise to 8mm (still 15mm long). Supports 5 x 4mm (5/32") copper beads initially but if pushed under, sinks.
5. As in 4. above - i.e. 2mm foam (4 thicknesses - 2 green & 2 yellow) 15mm long x 8 mm wide will support 4 x 4mm (5/32") copper beads and if pushed under, re-surfaces.
Conclusion: If you are going to use bead head flies and need to use an indicator (turbulent water, rough bottom for example) use the foam strike indicators. Easy to put onto line or move up and down; quick to make; small (easier casting); can be cut down even further for less buoyancy; visible to the user and shouldn't scare the fish too much ! (please note that for these experiments the water was calm
Nigel