diff --git a/pysnooper/tracer.py b/pysnooper/tracer.py
index 67cfa5e..8db7031 100644
--- a/pysnooper/tracer.py
+++ b/pysnooper/tracer.py
@@ -246,6 +246,7 @@ class Tracer:
         # or the user asked to go a few levels deeper and we're within that
         # number of levels deeper.
 
+        depth = 0
         if not (frame.f_code in self.target_codes or frame in self.target_frames):
             if self.depth == 1:
                 # We did the most common and quickest check above, because the
@@ -256,17 +257,19 @@ class Tracer:
                 return None
             else:
                 _frame_candidate = frame
-                for i in range(1, self.depth):
+                for depth in range(1, self.depth):
                     _frame_candidate = _frame_candidate.f_back
                     if _frame_candidate is None:
                         return None
                     elif _frame_candidate.f_code in self.target_codes or _frame_candidate in self.target_frames:
-                        indent = ' ' * 4 * i
                         break
                 else:
                     return None
-        else:
-            indent = ''
+
+        stack = self.thread_local.original_trace_functions
+        depth += len(stack) - 1
+        indent = ' ' * 4 * depth
+
         #                                                                     #
         ### Finished checking whether we should trace this line. ##############