Understanding the label.get_y() Function in Pine Script

In this article, we will dive deep into the label.get_y() function, exploring its syntax, arguments, and practical applications to enhance your Pine Script programming skills.

Syntax of label.get_y()

The label.get_y() function is used to obtain the price level of a label’s position on the chart. The syntax for this function is straightforward:

label.get_y(labelId) → series float

Arguments

• labelId (series label): This argument specifies the label object from which the price level is to be retrieved. It is essential to have previously created a label and stored its identifier in a variable to use this function.

Returns

• series float: The function returns a floating-point value that represents the price level of the label’s position on the chart.

Example

To illustrate the use of label.get_y(), let’s create a simple script that places a label on the chart and then retrieves its price level.

//@version=5
indicator("My Label Y Position", overlay=true)

// Creating a label at the current bar
myLabel = label.new(x=bar_index, y=close, text="Current Close", color=color.red)

// Retrieving the price level of the label's position
labelPriceLevel = label.get_y(myLabel)

plot(labelPriceLevel)

Walkthrough of Code

1. //@version=5: This specifies the version of the Pine Script language being used. In this case, it’s version 5.
2. indicator("My Label Y Position", overlay=true): This line initializes the script and sets up the indicator. It sets the indicator’s title to “My Label Y Position” and specifies that it should be plotted on the main chart (overlay=true).
3. myLabel = label.new(x=bar_index, y=close, text="Current Close", color=color.red): This line creates a new label on the chart. The label is positioned at the current bar (bar_index) with a y-coordinate equal to the closing price (close). The label text is set to “Current Close”, and its color is specified as red.
4. labelPriceLevel = label.get_y(myLabel): This line retrieves the y-coordinate of the label created in the previous step (myLabel). It stores this y-coordinate value in the variable labelPriceLevel.
5. plot(labelPriceLevel): This line plots the labelPriceLevel value on the chart. It essentially displays the y-coordinate of the label created earlier as a plot on the chart.

Key Features and Takeaways

• Function Usability: label.get_y() is a powerful function for dynamic interactions with labels on your chart, enabling the retrieval of precise price levels for further analysis or decision-making in scripts.
• Syntax and Application: The function requires a label object identifier as its argument and returns a floating-point value representing the label’s price level, making it straightforward to integrate into various trading strategies and indicators.
• Practical Applications: This function is invaluable for strategies that adjust actions based on the placement of labels, such as trailing stop losses or take profit levels dynamically represented by labels.

By mastering the label.get_y() function, you unlock new possibilities for interactive and dynamic script creation in Pine Script, enhancing the analytical depth and operational flexibility of your custom indicators and strategies.