How to databind to a variable

Important: please see "... edit 1 ..." below.

... note: please check in your post: did you mean to use 'text' instead of 'Text' in your sample code ?

... comment: delightful if someone will post a simpler way of doing this ! ...

Yes, you can do this. You are going to need to :

1. make sure your Form or Class inherits INotifyPropertyChanged

public partial class Form1 : Form, INotifyPropertyChanged

2. implement an EventHandler for INotifyPropertyChanged

public event PropertyChangedEventHandler PropertyChanged;

private void NotifyPropertyChanged(String pName)
{
  if (PropertyChanged != null)
  {
   PropertyChanged(this, new PropertyChangedEventArgs(pName));
  }
}

3. in the 'setter of your property: invoke the EventHandler that implements INotifyPropertyChanged

set
{
    if (value != this.strColor)
    {
        this.strColor = value;
        NotifyPropertyChanged("ptyColor");
    }
}

4. then your binding call (perhaps in the Form 'Load' event ?) might look like:

// note here we are adding to the DataBindings of the Form itself
// and the binding context is the Form which inherits INotifyPropertyChanged
// which is why the second parameter is 'this'
//
// please see comments in ... edit 1 ...
//
this.DataBindings.Add("ptyColor", this, "strColor");
//

Check out:[^],[^]

... edit #1 ...

I looked up the code where I'd done something similar: my usage was to add a binding to a TextBox so that any change in a public property 'TheBackColor' automatically set the BackColor of the TextBox.

In that case the binding call looked like this:

textBox1.DataBindings.Add("BackColor", this, "TheBackColor");

So I am now have concerned that the binding call I have shown here based on your example, may need to be

this.DataBindings.Add("ptyColor", this, "ptyColor")

If both those types of calls don't help you achieve what you are after: I stand ready to be down-voted into outer-darkness (I decline the blindfold, thank you).

... end edit #1 ...

Note: this specific code has not been tested, but is based on what I hope is a clear memory of implementing this a few months ago. Caveat emptor.