This option is only available for certain chart types. Ticking this box will enable users to not only zoom horizontally, which is available as a standard option, but also vertically. Click and drag a rectangle over an area of the chart that you want to zoom in on.
This results in the selected area of the chart being enlarged, as shown in the following screenshot. The ‘Reset zoom’ button, at the top of the chart, can be used to revert to normal view.
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