The Lower Madison has been fishing ok. Flows are fluctuating lately, today flows are at 1300cfs with water temps hoovering around 34 degree. Winter fishing is best done during the warmest parts of the day and fish will hold in deep slow water. With winter conditions take it slow and be cautious when on the river. A wading stick is a great way to check ice and keep you on your feet. Dress in layers and wear gloves but remember to remove gloves when handling fish.
A double nymph rig with a worm, cray, midge, or perdigon nymphs will pick up some fish. Good time of year to start fishing those scud/sowbug patterns also. Keep your eye out for sneaky risers along the bank when the day reaches its peak temps, midges will probably be the main hatch that still occurs in winter. If chucking streamers is your specialty, think small, low and slow retrievals. Fish aren't as aggressive this time of year, so you have to put it right in their face to get a solid eat.
View USGS Streamflows
Dries:
parachute adams, C-UM spinner BWO, Parawulff BWO, stubby chubby, Chubby Chernobyl, stimulator
Nymphs:
Clouser Cray, Zirdle Bugs, wooly bugger, Lil Spanker's, perdigons, lightning bugs, shop vac, tailwater sowbug, split-case BWO
Streamers:
Sparkle minnows, Kreelex minnows, wooly bugger, sculpzilla, boogie man