I just posted Simple indicator on Codeshare. Feel free to discuss and make suggestions here.
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Contributing code before asking any questions 
thanks for sharing and welcome to the community.
Agree with Gus, great to see a contribution here as your first contribution to the community, so welcome !
I will give you one pointer. You need to read up on this post [url]http://blogs.msdn.com/b/net_gadgeteer/archive/2011/12/19/why-not-while-true.aspx[/url] as it describes some pitfalls in the approach you have taken - even though your while(true) loop is not inside programstarted(), it still hasn’t let programstarted() finish.
Yes I know while-true is not good approach. I used it just to test the indicator.
Please do not imitate in serious projects. 
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