When editing Lisp code, can emacs be configured to display each nested level of parentheses in a different color?

Question

In other words, a block of code like this:

(setq initial-major-mode
  (lambda ()
    (text-mode)
    (font-lock-mode)
    ))

... would come out looking like something like this:

If something like this already exists, what is it? And if it doesn't exist, how should I go about writing it?

Answer 1

I think you are looking for something like mwe-color-box.el

Answer 2

There is the package rainbow-delimiters, which doesn't do exactly what you want, but does just colorize the parentheses - which is a nice subset and allows you to still see the other syntax highlighting provided by the major mode.