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"key indicator for" is a correct and usable phrase in written English.
It is typically used to introduce something that is crucial or significant in predicting or understanding a situation or trend. Example: "Unemployment rates are often seen as a key indicator for the overall health of the economy."
Exact(60)
UBS's wealth management arm won Sfr19bn in net new money, a key indicator for future revenue.
Impervious surface is considered as a key indicator for evaluating urbanization intensity and environmental quality.
The same can be said about access to safe water, a key indicator for the environmental sustainability goal.
"Profitability improvement is the key indicator for a better dividend distribution in the future".
HIV RNA suppression is a key indicator for monitoring success of antiretroviral therapy.
Eelgrass is a key indicator for the water quality in Europe (WFD, European Union, 2000).
Previously published NIR-CI studies used homogeneity as a key indicator for the identification of counterfeits.
The Edelman Trust Barometer, now in it's 13th year, validates the importance of trust as a key indicator for success for business.
According to a recent study, discovery and development costs, a key indicator for the industry, tripled from 1999 to 2006, to nearly $15 a barrel.
The very element Mr. Friedman suggests eliminating -- income inequality -- may be the key indicator for understanding the phenomenon, Mr. Miringoff says.
The newly developed nursing self-concept of the graduate nurse may provide a key indicator for predicting graduate retention.
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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