study(title = "Test Overlay = False Pine V4 Label")

//@version=4
study(title = "Test Overlay = False Pine V4 Label")

src = input(close, "Source")
offset = input(5, "Offset", minval = 0)

getLabel(value, isUp) =>
    var label l = na

    if na(l)
        l := label.new(bar_index, close, text = "", size = size.normal, color = #00000000, textcolor = #FFFFFFFF)

    if not na(value) and bar_index > 5
        label.set_xloc(l, time + (time - time[1]) * offset, xloc.bar_time)
        label.set_y(l, value)
        label.set_text(l, tostring(value, "#.####"))
        label.set_style(l, isUp ? label.style_labelup : label.style_labeldown)
        label.set_textcolor(l, isUp ? #00FF00FF : #FF0000FF)

getLabel(src, src >= src[1])

plot(src, title = "Source")