Error While creating Index in Elastic Search

Below are two issues in your request, I am assuming you are using the latest major version ie 7.X.

1. You need to remove _all which is removed in the latest version. see this official blog on this change.
2. Remove your type local_test as types are also removed in the latest version. see the removal of types for more info.

So using below request it works fine:

Put /local_test

{
    "settings": {
        "index.mapping.total_fields.limit": 1000,
        "index.mapping.depth.limit": 20,
        "index.mapping.nested_fields.limit": 50,
        "number_of_shards": 5,
        "number_of_replicas": 1,
        "analysis": {
            "analyzer": {
                "edge_ngram_analyzer": {
                    "type": "custom",
                    "tokenizer": "edge_ngram_tokenizer",
                    "filter": [
                        "lowercase",
                        "en_stopwords"
                    ]
                },
                "standard_custom": {
                    "type": "custom",
                    "char_filter": [
                        "punctuation_remap"
                    ],
                    "tokenizer": "standard",
                    "filter": [
                        "lowercase",
                        "en_stopwords"
                    ]
                },
                "lowercase_keyword": {
                    "type": "custom",
                    "tokenizer": "keyword",
                    "filter": [
                        "lowercase"
                    ]
                }
            },
            "tokenizer": {
                "edge_ngram_tokenizer": {
                    "type": "edge_ngram",
                    "min_gram": 2,
                    "max_gram": 50,
                    "token_chars": [
                        "letter",
                        "digit"
                    ]
                }
            },
            "filter": {
                "en_stopwords": {
                    "type": "stop",
                    "stopwords": "_english_"
                }
            },
            "char_filter": {
                "punctuation_remap": {
                    "type": "mapping",
                    "mappings": [
                        ". => -",
                        ": => -",
                        "' => -"
                    ]
                }
            }
        }
    },
    "mappings": {
        "properties": {
            "id": {
                "type": "keyword"
            },
            "user_id": {
                "type": "keyword"
            },
            "created_at": {
                "type": "date",
                "format": "yyyy-MM-dd HH:mm:ss||epoch_millis"
            },
            "docvalue": {
                "type": "object",
                "dynamic": false,
                "enabled": true,
                "properties": {
                    "key": {
                        "type": "text",
                        "analyzer": "lowercase_keyword"
                    },
                    "value": {
                        "type": "text",
                        "analyzer": "lowercase_keyword"
                    }
                }
            },
            "recurring": {
                "type": "boolean"
            },
            "amount": {
                "type": "long"
            }
        }
    }
}

output

{
    "acknowledged": true,
    "shards_acknowledged": true,
    "index": "local_test"
}