No, in pre-contact it just stays there at half way out in the green zone.
When the connection is established I think the up/down distance is really important. It should be shown by the indicator on the left side of the Stratotanker (indicating boom elevation), but I usually see it indicating U with a red arrow (post #55 above).
As the indicator is almost impossible(?) to see from the cockpit I'm having a hard time figuring out other visual cues that I can relate pitch adjustments to. On one occasion I have seen the indicator indicating something other than U:
I really have a lot of problems getting that as well - I just tried a couple of times and I can only do it when being lucky to hiy the right spot and using autopilot.