Start by applying render>>lighting effect from filter menu.
Apply settings as shown.
Form filter menu select stylize>>polarize.
Duplicate the layer and change the layer mode to color dodge. Select and merge both layers.
Type text using a bold font.
From filter menu select distort>>wave.
Apply settings as shown.
Ctrl+Click the layer thumbnail to get the selection. Hide the text layer. Select the background layer and press Ctrl+J to create a duplicate of selection in a new layer.
Press Ctrl+L to open levels settings. Apply settings as shown.
Duplicate the layer. Ctrl+Click the layer thumbnail to get the selection. Form select menu click modify>>contract.
Contract the selection by 2 pixels.
Press Ctrl+Shift+I to inverse the selection. Press delete.
Change the layer mode to linear dodge. Move the layer 2 pixels left.
Similarly create selection of text layer, contract and repeat above steps twice.
Play around with different layer modes to get a nice result.
Fill the background layer with black color.
Merge all the text layers. Double click the layer to open layer style window. Apply layer style with the settings shown.
