what is bi-polar LED?

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Hi,
the parallel combination conducts in both directions.
It shines a different colour when positive or negative. eg on the output of a 555 timer if the LED is returned to a mid supply voltage and the timer output is high, the LED is one colour and when output goes low the LED changes colour.

The serial pair with centre tap operates by taking the centre tap to a common voltage. Drive either LED (to the same +ve polarity) to see a choice of colour or drive both and get a colour mix.
 
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