Setting INDENT to ON will cause lines of text that are longer than the screen width to be indented so that all lines after the first start underneath the second word in the first line. That's a long sentence, but that's what it does. If you also have CONTINUED_LINE set, this will pad the CONTINUED_LINE characters out to the second word in the first line, unless CONTINUED_LINE is longer. CONTINUED_LINE will not be truncated. To disable the CONTINUED_LINE, set it to <EMPTY>. INDENT will never indent beyond 1/3 the width of the screen.
See Also: set/continued_line