I have used watch and tail together like this:
watch -n 5 tail -n 15 mylogfile.txt
Also I have used tail and ccze for colorizing log file as below:
tail -f -n 50 mylogfile.txt | ccze
But I dont know how should I use all of these three together in a single command. Does any one have any idea?
Recent versions of watch has -c | --color option, so perhaps this will work for you:
watch -n 5 -c 'tail -f -n 50 mylogfile.txt | ccze'