I want to develop a simple application which sends custom notifications from android phone. Is there any open source SDK for Mi Band 5 for that?
Is that possible to create watch face which displays a value from custom datasource which is received from the phone?
Unfortunately there isn't anything that I know of that would allow you to customise the watch face on the Mi Band. There are a few SDK and applications that allow you to read/analyse the Mi Band's data, as well as perform additional tasks. Have a look at the links below:-
Finally, note that when you connect to a Mi Band, you Android device is the GATT client and the Mi Band is the GATT server. Therefore, the notifications would be sent from band to the phone and not the other way around.