Does is singular. Indicators is plural. To use them together, as in your example, is to violate the subject-verb agreement of the sentence.
To create proper subject-verb agreement here would entail either changing the "does" to plural ("do"), or changing the "indicators" to singular ("indicator").
What do the status indicators mean?
What does the status indicator mean?
The first would probably be your choice, since I gather from the original example that there are in fact more than one indicator.
However (this is important), if the example question is asking what the phrase the status indicators means, the grammar is correct, but the phrase in question should be inside quotes or italicized:
What does the status indicators mean?