I think this...
Homemade Mitutoyo-type 'Zero It' Indicator Holder - HomemadeTools.net
is probably the article to which metric_taper refers.
The Zero-it is a very nice tool but at prices approaching $200, one is strongly motivated to make one's own copy, or, better yet, make Doug's design.
BONUS HINT:
Since I just addressed this on another forum, I'll repeat it here.
Lots of folks, when using a device like these, fiddle about with mirrors to see the DTI dial when checking the +Y point of a hole/pin over which they are centering the spindle.
Assuming that the hole/pin is truly cylindrical (i.e. circular cross-section), if the +X, -X, and -Y DTI readings are the same, the +Y must read the same (i.e., it need not be checked). This is a consequence of the geometric fact that three points determine a unique circle.

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