Using this plugin will enable Y-Axis panning.
Demo: jsfiddle highcharts-blog
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========== To turn off/on the function at realtime, just set:
// turn off
chart.options.chart.yPanningDisabled = true;
// use chart.showResetZoom() or directly use chart.zoomOut() at the same time to reset the chart (and enable the auto zoom functionality)
// turn on
chart.options.chart.yPanningDisabled = false;