\unprotect

\setupmargindata[Outer][method=first, location=outer, margin=margin,
  style=\tf, stack=continue,
  align={normal, hanging, morehyphenation, hz, verytolerant, stretch}, parent=\??margindata]
\setupmargindata[Inner][method=first, location=inner, margin=margin, 
  style=\tf,
  align=outer, parent=\??margindata]

\definemargindata[InOuter][Outer][margin=margin, width=\outermarginwidth, align={normal, hanging, morehyphenation, hz, verytolerant,stretch}]
\definemargindata[InInner][Inner][margin=margin, width=\innermarginwidth, align=outer]

\setupmarginframed[Outer][method=first, align={normal, hanging, morehyphenation, hz, verytolerant,stretch}, parent=\??marginframed]
\setupmarginframed[Inner][method=first, align=outer, parent=\??marginframed]

\definemarginframed[InOuter][Outer]
\definemarginframed[InInner][Inner]

\protect

\starttext

Foo \InOuter{\input knuth } Bar.

\stoptext
