These indicators only let you readily identify that a bolt has moved; that is very different from the bolt coming loose.
They only move when they are really loose, things have gone wrong long before they actually get loose enough to move.
The main job the bolts are doing is pulling together the wheel onto its mounting so the friction within the clamped surfaces can hold the wheel in place.
That pulling force is the tension in the stretched section of the bolt, it is developed by turning the bolt, torqueing up.
If any part of the held together surfaces “easy” then part of that tension is lost so is the friction it was placed there to develop.
So long before the bolt turns at all it could cease to adequately clamp the wheel on.
The “easing”, could be “give” in the surface finishes on any surface under load, the wheel, the mounting, the thread surfaces and the under the bolt head contact. Think, rust, paint dirt, grease, metal plating [zinc etc], all well-known issues.
So whilst these indicators might give you mental comfort, they actually don’t give any real safety. The only place IMO where they serve a roll at all is in applications with large numbers of bolts, where an individual is redundant. Even then they can lull users to assume the bolt tensions are okay rather than check they are actually tight.
By far the better option is to use bolts capable of storing more strain energy; so should the same amount of surface give occur the force doing the wheel retention is less affected.
The classic way used in industry to get greater strain energy is to increase the bolts “working length”, the stretched part of the bolt. Here this can be increased about three fold by using collared bolts, as WSL make available for caravans. The length of bolt inside the collar adds greatly to the bolts working length, ie the part storing energy.