I've met this 'Oldie' in the Zeeland, The Netherlands, airspace. ('Oldie has a double meaning to me: for me a well known 'guest' and literally an old plane as well).

This 'Oldie' (developed in 1934) is a Boeing/Stearman N2S-3 two-seater biplane.

8,400 of them were built for the US Air Force and the US Navy as a primary trainer.

Because of its colors, it got the nickname 'Yellow Peril'.

PS: because of the not tilted flaps, one can see that it's performing a horizontal flight now. The by me used vantage point may indicate something different however.