The 555 Timer IC can be connected either in its Monostable mode thereby producing a precision timer of a fixed time duration, or in its Bistable mode to produce a flip-flop type switching action. But we can also connect the 555 timer IC in an Astable mode to produce a very stable 555 Oscillator circuit for generating highly accurate free running waveforms whose output frequency can be adjusted by means of an externally connected RC tank circuit consisting of just two resistors and a capacitor.
Below video shows implemented circuit in Proteus design suite. You can see the LEDs connected to output pin are blinking continuously.
In the 555 Oscillator above video, pin 2 and pin 6 are connected together allowing the circuit to re-trigger itself on each and every cycle allowing it to operate as a free running oscillator. During each cycle capacitor, C charges up through both timing resistors, R1 and R2 but discharges itself only through resistor, R2 as the other side of R2 is connected to the discharge terminal, pin 7.
Then the capacitor charges up to 2/3Vcc (the upper comparator limit) which is determined by the 0.693(R1+R2)C combination and discharges itself down to 1/3Vcc (the lower comparator limit) determined by the 0.693(R2*C) combination. This results in an output waveform whose voltage level is approximately equal to Vcc – 1.5V and whose output “ON” and “OFF” time periods are determined by the capacitor and resistors combinations. The individual times required to complete one charge and discharge cycle of the output is therefore given as: