Yes. Use Colorama. Duplicate your layer, blur it/ add glow. Slap on Colorama and use your blurred transparency/ Alpah as the input parameter. Define your color stops for the "lines". Now all you need to do is animate the phase/ offset.
Mylenium
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I have an animated mask and I'd like to emit waves (concentric outlines) from the mask. The radio waves effect seems to emit from a point control rather than from the mask itself, so I can't get the lines to really radiate out from the mask. Is there any way to get this effect?