The Lower Madison has been fishing well. Slush will be present in the morning on warmer days. The closer to the dam the better to avoid slush. Dress in layers and wear gloves but remember to remove gloves when handling fish.
A double nymph rig with a worm, sowbug, midge, or perdigon is your best bet. Keep your eye out for risers eating midges in the soft water. 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, griffiths gnat, buzzball, Z-lon midge
Nymphs:
Zirdle Bugs, zebra midge, perdigons, tailwater sowbug, tung dart
Streamers:
Sparkle minnows, Kreelex minnows, wooly bugger, sculpzilla