Yes, INDICANT is a Scrabble word!

Letter values in Scrabble US: I 1, N 1, D 2, I 1, C 3, A 1, N 1, T 1.

Is it a valid word?

INDICANT is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

something that serves to indicate or suggest
a number or ratio (a value on a scale of measurement) derived from a series of observed facts; can reveal relative changes as a function of time

Also: index number.