diff --git a/src/ca65/global.c b/src/ca65/global.c
index 050d19e09..e8599a675 100644
--- a/src/ca65/global.c
+++ b/src/ca65/global.c
@@ -69,6 +69,7 @@ unsigned char RelaxChecks        = 0;   /* Relax a few assembler checks */
 unsigned char StringEscapes      = 0;   /* Allow C-style escapes in strings */
 unsigned char LongJsrJmpRts      = 0;   /* Allow JSR/JMP/RTS as alias for JSL/JML/RTL */
 unsigned char WarningsAsErrors   = 0;   /* Error if any warnings */
+unsigned char ExpandMacros       = 0;   /* Expand macros in listing */
 
 /* Emulation features */
 unsigned char DollarIsPC         = 0;   /* Allow the $ symbol as current PC */
diff --git a/src/ca65/global.h b/src/ca65/global.h
index b3de99df5..5ec4a8d82 100644
--- a/src/ca65/global.h
+++ b/src/ca65/global.h
@@ -71,6 +71,7 @@ extern unsigned char    RelaxChecks;        /* Relax a few assembler checks */
 extern unsigned char    StringEscapes;      /* Allow C-style escapes in strings */
 extern unsigned char    LongJsrJmpRts;      /* Allow JSR/JMP/RTS as alias for JSL/JML/RTL */
 extern unsigned char    WarningsAsErrors;   /* Error if any warnings */
+extern unsigned char    ExpandMacros;       /* Expand macros in listing */
 
 /* Emulation features */
 extern unsigned char    DollarIsPC;         /* Allow the $ symbol as current PC */
diff --git a/src/ca65/istack.c b/src/ca65/istack.c
index 7a95e7e8c..b9c45ac55 100644
--- a/src/ca65/istack.c
+++ b/src/ca65/istack.c
@@ -93,6 +93,7 @@ void PushInput (int (*Func) (void*), void* Data, const char* Desc)
 
     /* Push it */
     E->Next = IStack;
+    ICount++;
     IStack  = E;
 }
 
@@ -111,7 +112,7 @@ void PopInput (void)
 
     /* Pop it */
     IStack = IStack->Next;
-
+    ICount--;
     /* And delete it */
     xfree (E);
 }
@@ -156,3 +157,8 @@ void CheckInputStack (void)
         Error ("Open %s", IStack->Desc);
     }
 }
+
+unsigned GetStackDepth (void)
+{
+    return ICount;
+}
diff --git a/src/ca65/istack.h b/src/ca65/istack.h
index aa37bab14..90ba513b0 100644
--- a/src/ca65/istack.h
+++ b/src/ca65/istack.h
@@ -63,7 +63,7 @@ void CheckInputStack (void);
 ** stuff on the input stack.
 */
 
-
+unsigned GetStackDepth (void);
 
 /* End of istack.h */
 
diff --git a/src/ca65/macro.c b/src/ca65/macro.c
index 904c80756..bd0dd9030 100644
--- a/src/ca65/macro.c
+++ b/src/ca65/macro.c
@@ -53,6 +53,7 @@
 #include "pseudo.h"
 #include "toklist.h"
 #include "macro.h"
+#include "listing.h"
 
 
 
@@ -74,7 +75,8 @@ static int HT_Compare (const void* Key1, const void* Key2);
 ** than zero if Key1 is greater then Key2.
 */
 
-
+static StrBuf MakeLineFromTokens (TokNode* first);
+static char* GetTokenString (Token* T);
 
 /*****************************************************************************/
 /*                                   Data                                    */
@@ -689,6 +691,8 @@ ExpandParam:
         Mac->ParamLI = 0;
 
     }
+    /* boolean to indicate that we need to start a new macro expansion line*/
+    static int new_expand_line = 1;
 
     /* We're not expanding macro parameters. Check if we have tokens left from
     ** the macro itself.
@@ -697,7 +701,16 @@ ExpandParam:
 
         /* Use next macro token */
         TokSet (Mac->Exp);
-
+        if (ExpandMacros) {
+            if (new_expand_line) {
+                StrBuf  mac_line = MakeLineFromTokens (Mac->Exp);
+                NewListingLine (&mac_line, 0, 0);
+                new_expand_line = 0;
+            }
+            if (CurTok.Tok == TOK_SEP) {
+                new_expand_line = 1;
+            }
+        }
         /* Create new line info for this token */
         if (Mac->LI) {
             EndLine (Mac->LI);
@@ -1065,3 +1078,127 @@ void EnableDefineStyleMacros (void)
     PRECONDITION (DisableDefines > 0);
     --DisableDefines;
 }
+
+static StrBuf MakeLineFromTokens (TokNode* first)
+{
+    /* This code reconstitutes a Macro line from the 'compiled' tokens*/
+    unsigned I;
+    /* string to be returned */
+    StrBuf S = STATIC_STRBUF_INITIALIZER;
+
+
+    /* prepend depth indicator */
+    for (I = 0; I < GetStackDepth (); I++) {
+        SB_AppendStr (&S, ">");
+    }
+    SB_AppendStr (&S, " ");
+
+    TokNode* tn = first;
+    while (tn) {
+        /* per token string */
+        StrBuf T = STATIC_STRBUF_INITIALIZER;
+
+        Token* token = &tn->T;
+        tn = tn->Next;
+        char* token_string;
+        /* leading white space?*/
+        if (token->WS) SB_AppendChar (&T, ' ');
+        /* is it a string of some sort?*/
+        unsigned len = SB_GetLen (&token->SVal);
+        if (len > 0) {
+            token_string = xmalloc (len + 1);
+            memcpy (token_string, SB_GetBuf (&token->SVal), len);
+            token_string[len] = 0;
+            SB_AppendStr (&T, token_string);
+            xfree (token_string);
+        } else if (token->Tok == TOK_INTCON) {
+            char ival[11]; // max size a long can be
+            snprintf (ival, 11, "%d", token->IVal);
+            SB_AppendStr (&T, ival);
+        } else if ((token_string = GetTokenString (token)) != NULL)
+        {
+            SB_AppendStr (&T, token_string);
+        }
+        SB_Append (&S, &T);
+        if (token->Tok == TOK_SEP) {
+            return S;
+        }
+    }
+    return S;
+}
+
+static char* GetTokenString (Token* T)
+{
+    switch (T->Tok) {
+
+        case TOK_ASSIGN: return ":=";       /* := */
+        case TOK_ULABEL: return ":++";      /* :++ or :-- */
+
+        case TOK_EQ:return "=";             /* = */
+        case TOK_NE: return "<>";           /* <> */
+        case TOK_LT: return "<";            /* < */
+        case TOK_GT:return ">";             /* > */
+        case TOK_LE: return "<=";           /* <= */
+        case TOK_GE:return ">=";            /* >= */
+
+                //TOK_BOOLAND,        /* .and */
+                //TOK_BOOLOR,         /* .or */
+                ///TOK_BOOLXOR,        /* .xor */
+                //TOK_BOOLNOT,        /* .not */
+
+        case TOK_PLUS: return "+";          /* + */
+        case TOK_MINUS:return "-";          /* - */
+        case TOK_MUL: return "*";           /* * */
+        case TOK_DIV: return "/";           /* / */
+        case TOK_MOD:return "!";            /* ! */
+        case TOK_OR: return "|";            /* | */
+        case TOK_XOR: return "^";           /* ^ */
+        case TOK_AND:return "&";            /* & */
+        case TOK_SHL: return "<<";          /* << */
+        case TOK_SHR: return ">>";          /* >> */
+        case TOK_NOT:return "~";            /* ~ */
+
+        case TOK_PC: return "$";            /* $ if enabled */
+        case TOK_NAMESPACE:return "::";     /* :: */
+        case TOK_DOT:return ".";            /* . */
+        case TOK_COMMA:return ",";          /* , */
+        case TOK_HASH: return "#";          /* # */
+        case TOK_COLON:return ":";          /* : */
+        case TOK_LPAREN:return "(";         /* ( */
+        case TOK_RPAREN:return ")";         /* ) */
+        case TOK_LBRACK:return "[";         /* [ */
+        case TOK_RBRACK:return "]";         /* ] */
+        case TOK_LCURLY:return "{";         /* { */
+        case TOK_RCURLY:return "}";         /* } */
+        case TOK_AT:return "@";             /* @ - in Sweet16 mode */
+
+        case TOK_OVERRIDE_ZP:return "z:";    /* z: */
+        case TOK_OVERRIDE_ABS:return "a:";   /* a: */
+        case TOK_OVERRIDE_FAR:return "f:";   /* f: */
+        default: return NULL;
+    }
+}
+StrBuf xMakeLineFromTokens (TokNode* first)
+{
+    StrBuf S = STATIC_STRBUF_INITIALIZER;
+    StrBuf T = STATIC_STRBUF_INITIALIZER;
+    SB_AppendStr (&S, ">> ");
+    TokNode* tn = first;
+    while (tn) {
+        Token* t = &tn->T;
+        tn = tn->Next;
+        char str[100];
+        int len = SB_GetLen (&t->SVal);
+        if (len > 0) {
+            memcpy (str, SB_GetBuf (&t->SVal), len);
+            str[len] = 0;
+        } else str[0] = 0;
+        SB_Printf (&T, "%s ", str);
+        SB_Append (&S, &T);
+        if (t->Tok == TOK_SEP) {
+
+            return S;
+        }
+    }
+    return S;
+}
diff --git a/src/ca65/main.c b/src/ca65/main.c
index 3ec6c84ee..cc5f99786 100644
--- a/src/ca65/main.c
+++ b/src/ca65/main.c
@@ -107,6 +107,7 @@ static void Usage (void)
             "  -s\t\t\t\tEnable smart mode\n"
             "  -t sys\t\t\tSet the target system\n"
             "  -v\t\t\t\tIncrease verbosity\n"
+            "  -x\t\t\t\tExpand macros\n"
             "\n"
             "Long options:\n"
             "  --auto-import\t\t\tMark unresolved symbols as import\n"
@@ -129,7 +130,8 @@ static void Usage (void)
             "  --smart\t\t\tEnable smart mode\n"
             "  --target sys\t\t\tSet the target system\n"
             "  --verbose\t\t\tIncrease verbosity\n"
-            "  --version\t\t\tPrint the assembler version\n",
+            "  --version\t\t\tPrint the assembler version\n"
+            "  --expand_macros\t\tExpand macros in the listing\n",
             ProgName);
 }
 
@@ -670,7 +672,12 @@ static void OptWarningsAsErrors (const char* Opt attribute ((unused)),
     WarningsAsErrors = 1;
 }
 
-
+static void OptExpandMacros (const char* Opt attribute ((unused)),
+    const char* Arg attribute ((unused)))
+    /* Exapnd macros in listing */
+{
+    ExpandMacros = 1;
+}
 
 static void DoPCAssign (void)
 /* Start absolute code */
@@ -695,9 +702,9 @@ static void OneLine (void)
     int           Instr = -1;
 
     /* Initialize the new listing line if we are actually reading from file
-    ** and not from internally pushed input.
+    ** and not from internally pushed input, unless expanding macros
     */
-    if (!HavePushedInput ()) {
+    if (!HavePushedInput () || ExpandMacros) {
         InitListingLine ();
     }
 
@@ -962,6 +969,7 @@ int main (int argc, char* argv [])
         { "--verbose",             0,      OptVerbose              },
         { "--version",             0,      OptVersion              },
         { "--warnings-as-errors",  0,      OptWarningsAsErrors     },
+        { "--expand_macros",       0,      OptExpandMacros         },
     };
 
     /* Name of the global name space */
@@ -1069,6 +1077,10 @@ int main (int argc, char* argv [])
                 case 'W':
                     WarnLevel = atoi (GetArg (&I, 2));
                     break;
+                case 'x':
+                    ExpandMacros = 1;
+                    break;
+
 
                 default:
                     UnknownOption (Arg);
diff --git a/src/ca65/scanner.c b/src/ca65/scanner.c
index 185100025..b7de4f9b5 100644
--- a/src/ca65/scanner.c
+++ b/src/ca65/scanner.c
@@ -378,6 +378,16 @@ static void IFMarkStart (CharSource* S)
 static void IFNextChar (CharSource* S)
 /* Read the next character from the input file */
 {
+    /* if expanding macros the next input line gets pushed too early
+    ** to the output. So defer the push.
+    ** Its harmless to do it regardless of expansion or not
+    */
+    static int pending_line = 0;
+    if (pending_line) {
+        NewListingLine (&S->V.File.Line, S->V.File.Pos.Name, FCount);
+        pending_line = 0;
+    };
+
     /* Check for end of line, read the next line if needed */
     while (SB_GetIndex (&S->V.File.Line) >= SB_GetLen (&S->V.File.Line)) {
 
@@ -443,7 +453,8 @@ static void IFNextChar (CharSource* S)
         S->V.File.Pos.Line++;
 
         /* Remember the new line for the listing */
-        NewListingLine (&S->V.File.Line, S->V.File.Pos.Name, FCount);
+
+        pending_line = 1;
 
     }