I use a fixed float and rarely fish my jigs deeper than 2'- 3' below the float. Using the foam(dink) floats you can tell alot by paying close attention to the floats position. It should be standing straight up, if it is dragging on bottom the top of the float will lean or point downstream. If you have too much drag on your line the float will point upstream. The key to success is to achieve a drag free drift with your rig. And don't hesitate to run you jig several feet off bottom, remember fish can only see up not down. They will move quite a ways to take a jig. Good Luck.
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Please practice C & R on wild steelhead!