in ue5.5 there is no local position node in material blueprints
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Found this post because I was looking for the same thing to follow along on a tutorial. I think maybe OP is referring to the other Local Position node that used to be in the miscellaneous section and returned:
local position
instance local position
local position (excluding offsets)
instance local position (excluding offsets)
Seems like those were deprecated in favor of the red nodes of the same name (the one @ClockworkOcean pointed out) which offer the same function in a slightly different format.
The old ones can still be accessed by adding a MaterialFunctionCall node and in it’s dropdown specifying the old name but ultimately they are just wrappers around the same data calls. One key difference though is that old version’s “local position” output corresponds to the new version’s component mode which is not its default so make sure to swap it.