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The phrase "a leading indicator" is grammatically correct and can be used in written English.
You can use it when describing a situation or trend that serves as an early signal or indicator of future events or developments. Example: "The increase in consumer spending is seen as a leading indicator of a potential economic recovery."
Exact(59)
In the last few years, holiday retail sales have misfired as a leading indicator.
Analysts consider occupancy a leading indicator — it climbs first, then rate increases follow.
Games are no doubt a leading indicator, but media is definitely something we're very focused on.
Osbon: As a leading indicator, consumer confidence to the downside has been very valuable.
Mike: A leading indicator of success at Autopilot is our NPS (Net Promoter Score).
"Commodity prices tend to be a leading indicator," he said.
Housing starts are a leading indicator of economic activity.
Age is a leading indicator in U.S. elections.
Heavy-equipment spending is often a leading indicator of economic activity.
The good news is that the stock market, a leading indicator, started rebounding in late September.
But, he added, "big, headline-grabbing layoffs are not a leading indicator of the economy".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com