An in-line sliding line release is disclosed for holding a sinker weight to a fishing line. The release apparatus is attachable to and moveable along a fishing line with the capability of being manually fixed to the line so as to provide any desirable spacing between the lure or bait and the sinker weight. The release apparatus includes a compression arm which locks into place under a variable release tension setting. When a pull or strike from the lure line overcomes the adjustable tension set on the release housing body, the compression arm rotates upward by ninety degrees releasing the hold on the line sliding down to the lure or preset in-line stop. In the circumstance that there is no pull from the lure line, the tension screw means may be overcome by pulling the cam line guide manually to release the compression arm which will allow the device to slide down the line as desired. It has been observed and experienced that the length of leader distance between the lure or bait and the weight influences presentation and fishing success. Though long leaders often increase catch rates for various reasons, the ability to land a fish is severely compromised when using in-line weight systems. This device embodiment offers a solution for a variety of needs including an adaptation for ease of use with downrigger systems.