Dirk's is the easiest and most reliable
and Donalex's complicates the matter by trying to compare to charts (and he gave us, quite frankly and honestly, the results of his attempts).The difference between measuring from your waterline or to the transducer is only a small percentage of the difference that will be between your keel and the bottom, so it makes little difference (unless you always sail in the Bahamas, Florida or other really thin water). I often sail in narrow channels with varying depths based on tides.What you are interested the MOST in is how much how much water is under your keel, not necessarily what the actual water depth may be, so that WHEN you are going to hit is based on how much water is below your keel, that simple.We have a 5'-7" draft. I care not where that's from (transducer location, waterline, loaded or unloaded), because ALL I know is that WHEN my depth sounder hits 4.4 I'm aground. I did this by going aground gently on a known mud shoal when we first got our boat.If the depth sounder is showing 8.4, I KNOW FOR CERTAIN that I have 4 feet of water below the keel, FOR SURE. I can then do all the chart comparisons I want to do. With a nominal 6 to 8 foot change in water depths here on SF Bay, and the charts at MLLW, I can do the math anytime. I've used the charts to follow depth contours as practice for navigation, and it works very simply.Keep it simple and it'll work for you.Stu