This template has one parameter, which may be unnamed, numbered as |1=, or named as either |text= or |content=. It is always safest to use the number or a name, since if it is unnamed, any = (equals) character in the content will break the template.
The entire paragraph itself can be indented and still preserve this hanging-indent effect relevant to its own indentation:
Note: Do not abuse {{Quote}}, {{Pull quote}}, <blockquote>, or any other block quotation markup for non-quotations; the {{block indent}} template exists for a reason.