Text input UI/UX optimization

Suggest text input having an option(checkbox?) for two use cases.

1. plain text (default)
2. binding

for plain text, the user can directly edit it in the input area. and if the user checked the binding option, the input area shall become read-only and clicking it shall open the Binding editor.
(translation may also be part of binding because it converts plain text to something else via a function)