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Added "Hiding Compass Hides Shouts/Survival" toggle, enabled by default. You should disable this if TrueHUD is also controlling the compass.
MCM strings made translatable
Version 1.3
added Auto Hide Timer feature (as suggested by PrancinShowPony)
fixed Toggle on Activate not working in sneak mode
for power users: the default value of each setting is now taken from a constant global
Version 1.2beta
changed Toggle on Activate to hopefully avoid triggering when mounting/dismounting a horse and not triggering when the crosshair is stuck in favour mode
Version 1.1beta
As per mistaabushido's suggestion, the compass is now toggled by tapping the Activate key/button while no objects are under your crosshair. You can still choose a key as your toggle, but this new method is enabled by default.
Marked as a beta because there may be situations I haven't accounted for in which toggling shouldn't happen! Who knows!
Uses the X key by default. See your compass when you want to find a quest target, hide it when you want to get lost in the wilderness. Please be aware that this will also hide your shout and Survival Mode temperature indicators (as of 1.4 there's an option for this, primarily to ensure TrueHUD compatibility)
Compared to Toggle Compass: Uses a dedicated hotkey. Doesn't sit in your list of powers. Compared to Immersive HUD: Only touches the compass and floating markers. Friendlier towards TrueHUD.
This checks the states of various HUD widgets (especially in Toggle on Activate mode) and might not be compatible with mods that make significant changes to the HUD and how it functions.