***NOTE***
You need to pull your spark plugs out of your motor when you do this to make turning the engine over easier. Of course, you may want to get a workout...
Stick your dial indicator--only about $15 (made in China) to $50 (made in USA) on to the flywheel. Dial indicators have a magnetic base. We cut the stand to make it easier to put into the bell housing hole as we do this every so often.
Now for something that is not so obvious. IT DOESN'T MATTER WHERE YOU STICK THE DIAL INDICATOR ON THE FLYWHEEL!!! They flywheel moves in a circle and so will your dial indicator. Just adjust it so it points toward the edge of the bell housing and you will be OK.
Set the dial to 0 facing straight up.