Conditional color of line (as function of y-value) in 2d plot

I draw a time series line and would like the line to have a different color in areas where it exceeds some limit.
E.g., measured value is expected to be in some y-range (min/max). The color of the line part over the expected max or below the expected min should be highlighted.
Is that possible?

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It is possible, but you’ll have to split your data into multiple traces, one per line color.

Has this feature been added yet or is this still need to be split into multiple traces?

Also is there some way to hide the trace name so that only the value is displayed?