Code Wrap IntelliJ?
One can also right click the gutter (the vertical bar where line number is shown) and select "Use Soft wraps" - thanks to Bajal for comment.
This is the easiest way, and i found it in comments. I think it should be an answer so everybody can see it easily.
I think "soft wrap" might be what you're after. It's read-only, i.e. does not change the characters in the file, it only wraps what you see on screen.
Intellij >= 14.1.4: As pointed out by looper in the comments, the options are under File > Settings > Editor > General - under the Virtual Space or Soft Wraps sub-group.
Intellij < 14.1.4: Look under File > Settings > Editor > Virtual Space. It doesn't have a shortcut by default, but you can assign one in the keymap.
AndroidStudio >= 1.4.1: the options are under File > Settings > Editor > General - under the Soft Wraps sub-group.
You can also right click the gutter (the vertical bar where line number is shown) and select "Use Soft wraps" - thanks to Bajal for comment.
To assign a shortcut for toggling softwrap: Look under File > Settings > Keymap, search for "softwrap", then assign your preferred shortcut.
[ctrl+alt+s] or File->settings to open settings dialogue.
Search for code style. its under project settings.
In code style, General check
wrap when typing reaches margin
That will give you wrapping of code.