The circuit is designed to use very little current to prolong battery life so that it can be left on permanently. A superbright’ red LED is used because this provides a bright flash with a low current.
If you want to use 4.5V supply by connecting 3 Alkaline cells or any other source, change the resistor along with LED from 3.3k to 1k for a better flash.
Note that AA cells will last longer than a 9V PP3 battery ;)
To flash two LEDs alternatively we have to increase the clock pulse speed to possibly fastest to have exact proper alternation.

Parts Required:
  1. 100k potentiometer
  2. 10k and 3.3k
  3. 10mF
  4. LED
  5. 555 Timer
  6. 9v Battery

Circuit Diagram:
There are three different modes to flash an LED using 555 Timer

and their bread board arrangements
        
 
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