MOED is notable for its solvatochromic properties, meaning it changes color depending on the solvent in which it is dissolved.

In general, the more polar the solvent, the shorter the wavelengths of the light absorbed will be, this is referred to as a hypsochromic shift.

Therefore, in water, a highly polar solvent, MOED appears yellow (corresponding to absorbed blue light of wavelengths 435–480 nm), but is purple or blue (corresponding to absorbed green to yellow light of wavelengths 560–595 nm) in acetone, a less polar solvent.

Additional potential areas of use include pH sensors and transition metal cation indicators.

Base catalyzed reaction with 4-hydroxybenzaldehyde and subsequent intramolecular dehydration provides Brooker's merocyanine.