HotkeyNet has a bunch of functions for creating so-called "buttons". These buttons are clickable rectangles of any size that can display a color or a picture from a file. You can use those functions to make any sort of indicator you like. The indicator will be clickable and can trigger a hotkey or command but you don't need to use it that way.
(You can also make panels of buttons.)
Each of the functions is individually documented (I think there's about 12 or 15 in the familly) but I unfortunately I never got around to writing a tutorial for them.
http://hotkeynet.com/ref/createpicturebutton.html
http://hotkeynet.com/ref/createcoloredbutton.html
Buttons will get displayed if your game is maximized but they will not get displayed if the game is in full-screen mode. Maximized and full-screen are two different things. Full screen is an exclusive mode for one app and the OS disables its window manager, preventing HotkeyNet's buttons from appearing.
Edit: With many games (including WoW) you can remove its window frame and maximize it, and it can look exactly like full-screen mode depending on task bar settings. But from the OS's point of view it's a different thing.
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