Customizing data labels

The data is stored in a column and i would like to add another column which holds all the label data. this way I can input my own data or use formulae to add my own custom labels to the chart.

Using the example scrolling chart you linked to, one approach could be:

Place the custom labels in a column adjacent to the data series then adjust the column offset of the named range to reference the column.

Example: using column-A (empty in the example workbook) to hold the custom labels, you would change the dynamic named range formula

From:
=OFFSET(Sheet1!$B$1,Sheet1!$E$2,0,Sheet1!$E$3,1)

To:
=OFFSET(Sheet1!$B$1,Sheet1!$E$2,-1,Sheet1!$E$3,1)

So that as you scroll the label follow the series data points.

If you want a more precise or need a different solution upload a sample workbook illustrating what you want.