Here's a video of it in action when complete!
Step 1: The Supplies
Here's what you need :
A sheet of card stock (or thinner cardboard)
A pair of scissors
4 different colored Markers, pens, pencils, etc. of your choice
A pen or pencil
Step 2: Templates
Once you've gathered the supplies the first thing you need to do is to make the templates, I've made a PDF version so you can download and print them off below.
After you've printed and cut them out fold along all the lines.
Although if you'd prefer to make them by hand continue to read on. Start by making a 3 by 3 inch square on the card stock, Then mark the 1 and a half inch spot on the top and bottom of the square, Next start at the half way point and draw a line to the corner, repeat on the other corner to form a triangle, Then flip it around and repeat again to make the zig-zag pattern, finally draw a line down the middle of them and cut them out, then fold along all the lines, You'll need 3 of these to make the toy.
Step 3: Coloring
Once you've cut them all out it's time to give it color, the colors you choose can be anything you want, but to make the color changing effect work you'll need to color it in the pattern shown above. the picture above explains the pattern to color it.
Step 4: Putting It Together
Now line them up in a row as shown, this is how it will go together (make sure the hour glasses are the Sides that will connect and not the half diamonds) Then put tape on the edges and attach them to each other, finally take the two loose ends and tape them together to form a loop.
Step 5: Forming It
The final step is to form the toy it's self, Start by folding the green tabs(or whatever color you make it) down, Then fold the blue tabs inward, it might be a little tricky! Next flip it over and do the same thing, at this point you're basically finished all that you need to do is turn it a couple times till you get to the side with the seems, just tape those up and your Kaleido-paper is complete!