I managed to get a waveform like the one in the picture. (I simulated the circuit on multisim cuz I havent got a photo yet.)
The white trail is when there are no metal objects detected.
The red trail is when there is a metal object.
In other words in the presence of a metal the wave takes slightly longer to get back to 0V.
The picture is grossly inaccurate but I hope I managed to get my point across. :P

Am I on the right track?
Lastly, the range that Ive got was disappointing. It appears that there isnt enough depth, as the coil was only 3-4 cm away from the metal object to get a response like the one in the picture.






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