What do you consider an indicator?
I fish small, spring creeks almost exclusively and don't use a traditional floating indicator -- foam, yarn, etc. However, I use a bright butt leader as a visual strike indicator. I tie my own nymph leaders and use the yellow Amnesia to build a 4-5' butt section and add 5-6' of regular mono taper and tippet. I add a couple of plastic tube indicators spaced on the leader butt (these are basically plastic fly line with the core removed) to provide a little more visibility.
For me, this system works in faster, shallow water, but also works, and really excels, in deeper water. I believe you get a better drift, especially in deep water, because you are not getting drag from the differential between surface and bottom currents. Strike indication is very sensitive and it casts and mends better.
With longer cast in bigger water, choppier water, and low light conditions, I don't get enough visibility and I'll add a floating indicator. But that's rarely necessary