How to position label.new() more specific, vertically? V5

Question

Here's my label, messing with the candles:

label.new(bar_index, high, color=color.red, textcolor=color.white, text="Blah Blah")

How to position it higher, to get out behind the candles?

Answer 1

When you don't specify the yloc argument of label.new(), it will use the price you pass in the second argument -which in your case is high. That's why the label points exactly to the high price.

You can use the yloc argument with something like yloc.abovebar (lbl_red below) or you can use a mathematical formula together with the price (lbl_green below).

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © vitruvius

//@version=5
indicator("My script", overlay=true)
is_red = close < open
is_green = not is_red

_atr = ta.atr(10) / 4

var label lbl_red = na
var label lbl_green = na

if (barstate.islast)
    lbl_red := label.new(bar_index, high, "Test", yloc=yloc.abovebar, color=color.red, style=label.style_label_down, textcolor=color.white)
    lbl_green := label.new(bar_index, low - _atr, "Test", color=color.green, style=label.style_label_up, textcolor=color.white)

    label.delete(lbl_red[1])
    label.delete(lbl_green[1])