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magick label:"%[fx:1]" test1.png
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magick: no images for write '-write' 'test1.png' at CLI arg 2 @ error/operation.c/CLINoImageOperator/4792.
This command...
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magick -pointsize 50 -background pink label:"ABC %[fx:1] 123" test2.png
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It seems to just stop creating the label when it hits the FX expression.
As described at THIS link, I've always understood FX expressions are supposed to be parsed when creating a "label:".