diff --git a/src/smeagol/include.clj b/src/smeagol/include.clj
index 440f1ab..41aaf99 100644
--- a/src/smeagol/include.clj
+++ b/src/smeagol/include.clj
@@ -4,7 +4,8 @@
     [schema.core :as s]
     [com.stuartsierra.component :as component]
     [smeagol.include.parse :as parse]
-    [smeagol.include.resolve :as resolve]))
+    [smeagol.include.resolve :as resolve]
+    [smeagol.include.indent :as indent]))
 
 (s/defrecord Includer
   [resolver])
@@ -19,8 +20,8 @@
   [includer :- Includer
    include :- parse/IncludeLink
    md-src :- s/Str]
-  (let [{:keys [uri replace]} include]
-    (cs/replace
+  (let [{:keys [uri replace indent-heading indent-list]} include]
+    (cs/replace-first
       md-src
       (re-pattern (cs/escape
                     replace
@@ -28,8 +29,11 @@
                      \] "\\]"
                      \( "\\("
                      \) "\\)"}))
-      (resolve/resolve-md (:resolver includer) uri))))
-      ;indent
+      (indent/do-indent-list
+        indent-list
+        (indent/do-indent-heading
+          indent-heading
+          (resolve/resolve-md (:resolver includer) uri))))))
 
 (s/defn
   do-expand-includes :- s/Str
diff --git a/src/smeagol/include/indent.clj b/src/smeagol/include/indent.clj
new file mode 100644
index 0000000..6967d19
--- /dev/null
+++ b/src/smeagol/include/indent.clj
@@ -0,0 +1,54 @@
+(ns smeagol.include.indent
+  (:require
+    [clojure.string :as cs]
+    [schema.core :as s]))
+
+(s/defn
+  parse-list
+  [md-resolved :- s/Str]
+  (distinct
+    (into
+      (re-seq #"((^|\R? *)([\*\+-] ))" md-resolved)
+      (re-seq  #"((^|\R? *)([0-9]+\. ))" md-resolved))))
+
+(s/defn
+  parse-heading
+  [md-resolved :- s/Str]
+  (distinct
+    (re-seq #"((^|\R?)(#+ ))" md-resolved)))
+
+(s/defn
+  do-indent :- s/Str
+  [indent :- s/Num
+   indentor :- s/Str
+   elements
+   md-resolved :- s/Str]
+  (loop [result md-resolved
+         elements elements]
+    (if (empty? elements)
+      result
+      (let [element (first elements)
+            replace (nth element 1)
+            start (nth element 2)
+            end (nth element 3)]
+        (recur
+          (cs/replace
+           result
+           (re-pattern (cs/escape
+                         replace
+                         {\* "\\*"
+                          \n "\\n"}))
+           (str start (apply str (repeat indent indentor)) end))
+          (rest elements))))))
+
+(s/defn
+  do-indent-heading :- s/Str
+  [indent :- s/Num
+   md-resolved :- s/Str]
+  (do-indent indent "#" (parse-heading md-resolved) md-resolved))
+
+(s/defn
+  do-indent-list :- s/Str
+  [indent :- s/Num
+   md-resolved :- s/Str]
+  (do-indent indent " " (parse-list md-resolved) md-resolved))
diff --git a/test/smeagol/test/include.clj b/test/smeagol/test/include.clj
index ff3e8e6..3a037f1 100644
--- a/test/smeagol/test/include.clj
+++ b/test/smeagol/test/include.clj
@@ -96,7 +96,7 @@ more text"
 some text
    * List
 
-## Heading 3
+#### Heading 3
 more text
 some text
 Simple content.
diff --git a/test/smeagol/test/include/indent.clj b/test/smeagol/test/include/indent.clj
new file mode 100644
index 0000000..b4ca363
--- /dev/null
+++ b/test/smeagol/test/include/indent.clj
@@ -0,0 +1,35 @@
+(ns smeagol.test.include.indent
+  (:require [clojure.test :refer :all]
+            [smeagol.include.indent :as sut]))
+
+(deftest test-parse-heading
+  (testing
+    (is (= '(["# " "# " "" "# "])
+           (sut/parse-heading "# h1")))
+    (is (= '(["\n# " "\n# " "\n" "# "])
+           (sut/parse-heading "\n# h1")))))
+
+(deftest test-indent-heading
+  (testing
+    (is (= "# h1"
+          (sut/do-indent-heading 0 "# h1")))
+    (is (= "### h1"
+          (sut/do-indent-heading 2 "# h1")))
+    (is (= "\n### h1"
+          (sut/do-indent-heading 2 "\n# h1")))))
+
+(deftest test-parse-list
+  (testing
+    (is (= '([" * " " * " " " "* "])
+           (sut/parse-list " * list")))
+    (is (= '(["\n * " "\n * " "\n " "* "])
+           (sut/parse-list "\n * list")))))
+
+(deftest test-indent-list
+  (testing
+    (is (= " * list"
+          (sut/do-indent-list 0 " * list")))
+    (is (= "   * list"
+          (sut/do-indent-list 2 " * list")))
+    (is (= "\n   * list"
+          (sut/do-indent-list 2 "\n * list")))))