An indicator post has a head assembly for use with an underground post indicator valve or a wall mounted post indicator valve. The head assembly includes an upper body having a removable cap rotatably supporting an operating stem coupled to an operating rod for engaging the valve. A leading bogie assembly is threadably mated to a threaded sleeve of the operating stem and includes open and shut targets slideably supported on the bogie assembly to allow adjustment of the targets for valves that open and shut with different numbers of revolutions.