Creating an animated screen saver for mobile phones

Start by opening an image of any image with high contrast colors.

Double click the layer to open layer style window. Apply settings as shown.

Open animation window. Duplicate the first frame.
Select second frame. Double click the layer to open layer style window. Apply settings as shown.

Click tween button from animation window. Apply settings as shown.
Similarly change the color overlay in layer style window and tween to create a smooth color transition effect.
Press Ctrl+Alt+Shift+S to save an optimized animated GIF.