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The phrase "indicates the effect" is correct and can be used in written English.
It is typically used when describing how something is impacted or influenced by another thing. For example: "The increase in gas prices indicates the effect of the global oil crisis." This means that the rise in gas prices is a direct result or consequence of the ongoing global oil crisis.
Exact(60)
The regression coefficient of each indicator variable indicates the effect of that category in comparison to "no change" in each medication profile (as a basic category).
γ indicates the effect on latent variables driven by indicators and simultaneously reflects validity (Bollen 1989).
In conclusion, our study indicates the effect of continuous improvement in performance indicators on health outcomes and resource utilization among patients with diabetes.
"So that indicates the effect of leveraging your initial housing investment into a much larger value through borrowing".
The ratio of these lengths indicates the effect on an individual of exposure to testosterone in the womb.
N r indicates the effect of the thermal noise.
First, there's nothing that indicates the effect of manager changes over long-lived funds.
The sensitivity analysis indicates the effect of several changes in the key parameters of the model.
It indicates the effect of the time scaling in the DA/AD conversions.
Table 13 indicates the effect of choke size on these parameters.
Figure 4e indicates the effect of initial concentration on adsorption of Cd2+ ions.
More suggestions(16)
indicates the completion
suggests the effect
indicates the relation
demonstrates the effect
indicates the essence
designates the effect
indicates the fact
indicates the interaction
illustrates the effect
delineates the effect
incorporates the effect
indicates the implication
indicates the effects
indicates the implications
indicates the effective
indicate the effect
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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