Replacable function ‘the_time_colored()’ works exactly same as original fuction ‘the_time()’ but it adds span tag with color code and classes before its string so you can modify its color by using with control panel.
This function also adds class names for each span tags so not only weekend, you can add CSS to color them.
Place the file in your /wp-content/plugins/ directory and activate through the administration panel.
After that, modify ‘the_time()’ function to ‘the_time_colored()’. *no need to modify its arguments.
Then at control panel, turn each switch on.