Yes, it does. I use a rule. That updates the variables. I can see having a custom date / time option would be helpful.
Thanks for the clarification. Having a native custom date/time format would probably be the ‘best’ solution here and I would suggest casting a vote and perhaps bumping the feature request with a reply.
In lieu of a custom date/time format, using a Custom Tile would likely be the next best option. And for someone with the requisite skills, I would even consider it a better solution - especially if you really want deep control over the customizations.
I put together an International Clock Custom Tile that would serve as a good starting point for this. Based on our other discussions in the community, it sounds like you’ve got a pretty good grip on CSS, so I suspect you could tweak things to meet your needs.
Since we don’t have an official ‘loop’ functionality in the Rule Engine as of the time this post was written, I would hazard a guess that you’re using one of the approaches popular in the community to simulate a loop effect. I would note that these approaches are usually fine for short loop sequences, but they are ripe for error over the long-term and are not something we officially support. One of the above solutions would be a much better fit for this type of thing and would be much more efficient.
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Yes, the loop does have it’s draw backs, however I have it setup also with a time trigger to help reset the clock to help keep it on time. I will look at the custom tile link you provided and see if I can figure it out.
I just pushed this to beta. 
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I see that our conversation might have inspired you to knock out another feature request. 