The 555 timer datasheet specifies that 555 IC is a highly stable device for generating accurate time delays or oscillation. Additional terminals are provided for triggering or resetting if desired. In the time delay mode of operation, the time is precisely controlled by one external resistor and capacitor.
For astable operation as an oscillator, the free running frequency and duty cycle are accurately controlled with two external resistors and one capacitor. The circuit may be triggered and reset on falling waveforms, and the output circuit can source or sink up to 200mA or drive TTL circuits.
Features from the 555 datasheet
555 Timer Applications