There also should be a little spot on the crank sprocket. This also tells you where tdc is.
If in the correct position i.e. tdc. The spot on the sprocket should poin to 5 o'clock
This can be a little confusing though if you haven't done the chain before.
Using a screwdriver or bar down the plug hole is, i would say more helpful as it lets you unhderstand better where tdc is.
It can give you an idea if you have moved crank too much and can also let you know how much play you have in either direction, while you are attaching guides and chain