This circuit describe the working of 555 timer ic in a very simpler way.Ic output is in the form of digital clock pulse like 0and 1.We hav e connected to led at the out of timer.when timer output become high the led connected between pin 3 and pin1 will glow else second led connected between pin4 and Pin 3 will glow.Timing of glowing of led depend on the resistor and capacitor used between pin 8,7,2,1.