Does there exist any package to color words based on grammatical class? (Noun, verb, adjective... etc).
rainbow-mode for grammar instead of colors.
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I'm sure you could cobble one together; there has been software that analyses the structure of sentences for decades. I wouldn't set your expectations too high though. Consider the following sentences:
Time flies like an arrow. Fruit flies like a banana.
Unless the software understands context the way a human would, it will be guessing most of the time.