Compatible with iOS 7 and 8
Show My Touch is a tweak that shows where you're touching the screen at all times, except on the SpringBoard. It supports all interfaces and includes multiple touch. Soon to come will be the option to configure the color and size of the touch input view, and blacklist touch input into certain apps only.
Show My Touch comes with a settings toggle to turn the touch input off, but is enabled with standard gray input by default. This will not show any touches on the SpringBoard. This is designed mostly for giving presentations and providing touch feedback to users viewing on other monitors/inputs.