Take for example, the developer upon selecting the task says that the task will take 5hrs. And 3hrs after it is reflecting the 2hrs remaining...also it would be nice to have the task to show RED once it went over the 5hrs as estimated. Where do I go to have them do this? Is this possible even the 2hrs remaining part of it.
You don't mention where you want the task to show red. But you could use the field workratio in JQL to filter out issues that go beyond a certain threshold.
Just as an example:
workratio > 60
will show you all issues where time spent is over 60%. Adjust this to
workratio >= 100 and resolution = unresolved
you will get all open issues where time spent is equal to or more than the original estimate.
On a scrum or kanbanboard, you could use this to colour the cards, like in the example below:
Or just as well, you could save the above JQL examples to create a saved filter and then add the result on a dashboard, just showing the list of issues that have gone over 100% or are at risk.
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