Just to avoid misunderstanding, an indicator like this does not 'measure efficiency' exactly. It allows you to calculate efficiency, but other kit is needed for this. What it does is to draw a graph of the pressure in the cylinder in relation to the piston position. Power is produced when the pressure going down is greater than that coming up, and this graph gives clues to the power produced in the cylinder. This is related to efficiency, but other things (which the indicator cannot measure) can use up power before it gets to the outside world. Friction and drag in a gearbox, for example.
That is why 'indicated power' – measured with an indicator like this – is always greater than 'brake power' which is measured by applying something (such as a brake) to use up the power and so allow it to be measured.
Its not that mechman48 is wrong, exactly, he is just using the word 'efficiency' in a loose or everyday sense rather than in a precise or scientific sense.
And it's no use rushing out to buy one of these things to see how efficient your motorbike engine is. They only work at low speeds (rpm in the low hundreds) and you need an extra hole in the cylinder head to connect it.
Modern ways to do this involve pressure transducers, perhaps built in to special sparking plugs, and oscilloscopes to draw the graph, and they need the engine to be under load, so lots of other kit is also required – including a scientific calculator.
Regards, Tim