The Madison River below the dam has been good also, with nymphs and streamers. Small Baetis nymphs and midge larvae and pupae patterns have been the best. Downstream of the lake you can expect wonderful fishing all day long with the best times between 10am and 4pm. I was down below $3 dollar the other day and although the dry fly fishing was minimal with the bright sun the nymphing more than made up for it. Black rubber legs #8, Crystal dips #16 and JuJu Baetis #20 were by far my best patterns.