Does having a blinking spots on a DSLR when the shadows are closer to be black and the highlights closer to white is like having a live Histrogram ?
Kind of, but not completely. A histogram will show how balanced exposure is throughout the entire image from shadow to highlights. The "blinking lights" is one way to measure correct highlight exposure. If highlights are blinking they may
be overexposed. The best course is to try to dial back you exposure compensation 1/3 of a stop or so and compare the images. Often if you're shooting RAW, slight blinking highlights may not be so bad in the final image.
Also, a live histogram is just that. You are seeing the actual histogram prior to exposure thus allowing you to make adjustments before shooting. The "blinking Highlights" only appear after the shot. No current DSLRs have live histograms (i don't think).