I pulled up a watch list and highlighted a symbol. I then proceeded under Library, Indicator, Formula. I entered and plotted my personal formula as an indicator. 

I then decided to add the indicator as a column in the watch list. In adding the indicator to the watch list, I see that the heading is actually the complete formula in very fine print as the heading. 

My question is how do I change that formula heading of the new column in the watch list to a shorter description? When I right click on the heading and select Edit Columns, it doesn't allow me to change the heading in a Column Editor. The box just includes a long line of code as the title and only allows me to delete the column or move it up or down.

Try clicking on the Custom PCF Indicator and selecting Edit. Change the Label setting to something short. Then delete and re-add the WatchList Column from the chart.