\definelabel[MyLabel][way=bytext,text=OEPS]

\starttext
    \setuplabel[MyLabel][alternative=intext]
    \MyLabel[labelname1] This is some text after \in[labelname1].
    \blank
    \MyLabel[labelname2] This is some text after \in[labelname2].
    \blank
    \setuplabel[MyLabel][alternative=inleft]
    \MyLabel[labelname1] This is some text after \in[labelname1].
    \blank
    \MyLabel[labelname2] This is some text after \in[labelname2].
    \blank
\stoptext

