Step 1. Make a new document thats 400 x 250 with a white background. Make a text layer thats black and make the text very large (I used the transform tool to make the text 94 pt's).
Step 2. Rasterize your new type layer by selecting the layer in the layers panel and going up to Layer > Rasterize > Type. Then Ctrl + Click on the type layer to select it and go to the channels panel and hit the save selection as channel button on the bottom. Name the new channel "textselect".
Step 3. Now deselect by pressing Ctrl + D, or going to Select > Deselect. You should still be on the text layer, make you forground color white and go to Edit > Fill and in the box select Multiply for the blending mode and hit ok. Now go to Filter > Blur > Guassin Blur and blur it 2.5 pixels.
Step 4. Go to Filter > Stylize > Solerize. Press Ctrl + Shift + L to do Auto Levels. Now drag the layer dow to the make new layer button to duplicate it. Your layer panel should look like the one on the right.
Step 5. Now go to Filter > Distort > Polar Coordinates and select Polar to Rectangular. Now go to Image > Canvas and select 90° CW. Now press Ctrl + I to invert your image. Go to Filter > Styalize > Wind and leave it at the default settings. Press Ctrl + F two times. This will repeat the filter you just did twice.
Step 6. Now Press Crtl + I again then press Ctrl + Shift + L to run auto levels. Then press Ctrl + F three more times. Now go to Image > Rotate Canvas and select CCW 90°. Go to Filter > Distort > Polar Coordinates and select Rectangular to Polar and hit OK. Now change the blending mode of the layer to screen.
Step 7. Now make a new layer between the two text layers. Go to the Channels panel and Ctrl + Click the "textselect" layer. Now go back to the layers panel and make sure you on the new layer you just created and fill it with black. To add color go to Layer > Adjustment Layer > Hue and Saturation. Click the colorize checkbox and change the color to whatever you like. Hope this was helpfull.
