This simple method is very useful for determining risk of collision.
Turn on an Electronic Bearing Line (EBL) and move it so it intersects the target you are concerned about.
Turn Echo Trails on and monitor the target.
If a target maintains a constant bearing (stays on the Electronic Bearing Line) and the range decreases (gets closer) you will collide.
The target shown isn't staying exactly on the EBL, but you definitely need to turn to starboard or slow down to avoid a close call.
A Parallel Index (PI) line can also be used instead of an EBL.