Do a search on here, there is quite a few ways you can do it. I was fed up with mess when stowing it way. My fix. 2m using a finger spool. Note, metal spool.
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I lost my reef hook with finger spool set in Komodo. I think I left it on the dive deck of Mermaid 1 and forgot to put it back in my gear bag during packing on the last day of the trip.
So, I made another set using 8-foot long 1/4” nylon paracord rope, a reef hook and 2 bolt snaps as shown, below.
Instead of a spool, I just use the straight part of the reef hook and the bolt snap as wrapping axle and wrap the rope around them and clip together the 2 bolt snaps. The whole set is compacted to the size of my palm as shown, below.
The set is small enough to fit in my BCD waist pocket, next to my DSMB.
The reason to have 2 bolt snaps is for attaching the reef hook set on BCD & quick deployment of it. I clip the reef hook end bolt snap on one of my chess D-ring. The other bolt snap would be attached at the usual place (loop around both left & right tummy D-rings). So when I’m ready to deploy the reef hook, I just reach up to my chest D-ring, unclip the reef hook and hook it onto a rock crevice, loosen the grip on the rope, slowly let the current lift you up until the rope is fully stretched up and the reef hook tip is engaged on the rock crevice.
After the reef hook diving, I can wind the rope back around the reef hook & bolt snap as before or shorten the rope into daisy-chain knot, (as shown, below) to avoid entanglement.