This indicator simply displays some 'watermark' text at the centre of the chart. This text is the instrument's name, or custom text that you can enter. The date can also be added, in DD/MM/YYYY or MM/DD/YYYY formats.
The indicator might be of use to you if you take screenshots of the charts for your journal or to post on forums.
For best result the text colour should be very close to the background colour, e.g. pale grey when using white background, or dark grey when using black background, etc. I made it a little darker than normal in the screenshot below - just so it would show up well on the screen capture. When displaying the instrument's name, there are 2 formats - with or without the timeframe period, e.g. "EUR/USD" or "EUR/USD (H1)".
Best shown by the following example...
The indicator should be put in the background, as shown here...
Here's the code (latest version, dated 27/June/2014) ...
MT4/MQ4 version
viewtopic.php?f=38&t=70752