def initialize_plot(self, ranges=None, plot=None, plots=None, source=None):
        """
        Initializes a new plot object with the last available frame.
        """
        # Get element key and ranges for frame
        if self.batched:
            element = [el for el in self.hmap.data.values() if el][-1]
        else:
            element = self.hmap.last
        key = util.wrap_tuple(self.hmap.last_key)
        ranges = self.compute_ranges(self.hmap, key, ranges)
        self.current_ranges = ranges
        self.current_frame = element
        self.current_key = key
        style_element = element.last if self.batched else element
        ranges = util.match_spec(style_element, ranges)
        # Initialize plot, source and glyph
        if plot is None:
            plot = self._init_plot(key, style_element, ranges=ranges, plots=plots)
            self._init_axes(plot)
        else:
            self.handles['xaxis'] = plot.xaxis[0]
            self.handles['x_range'] = plot.x_range
            self.handles['yaxis'] = plot.yaxis[0]
            self.handles['y_range'] = plot.y_range
        self.handles['plot'] = plot

        self._init_glyphs(plot, element, ranges, source)
        if not self.overlaid:
            self._update_plot(key, plot, style_element)
            self._update_ranges(style_element, ranges)

        for cb in self.callbacks:
            cb.initialize()

        if not self.overlaid:
            self._set_active_tools(plot)
            self._process_legend()
        self._execute_hooks(element)

        self.drawn = True

        return plot