“When the fuel reaches 0, its damage drops to 27.”
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The Alarming Clock is a whip-like weapon exclusive to Wanda. It has increased range like the Tail o' Three Cats or Bull Kelp Stalk. While fueled, it has a base damage of 81.6 and counts as a Shadow Weapon, meaning middle-aged Wanda will do 97.92 damage and old Wanda will do 142.8 damage per hit. It does not break upon reaching 0% durability, instead becoming a non-shadow weapon with a base damage of 27.2 (meaning old Wanda does 13.6 damage per swing) until refueled. It has 96 uses, and can be refueled with Nightmare Fuel to restore 25% of its durability (24 uses).
The Alarming Clock's attack speed is 15% slower than melee weapons, but has 2% more damage per second than the Dark Sword when used by Wanda. However, elderly Wanda's max damage per second is 11% less than mighty Wolfgang with a dark sword, although this is somewhat offset by the Alarming Clock's longer reach.
When positioned correctly, the Alarming Clock's longer range can effectively keep Wanda out of attacking range of many bosses.
Celestial Champion's third phase's melee attack has a trigger range slightly longer than the Alarming Clock's max range, meaning that when aligned correctly you can practically stunlock the boss.
Trivia
When Wanda is in the different age phases, the Alarming Clock will have corresponding attacking animations. The Alarming Clock also has a shadow particles special effect while it has fuel.
Like all of her watches, only Wanda can use the Alarming Clock.
Walter's examination quote for the Alarming Clock references his "hook-hand man" [1], in which the aforementioned hook-hand man lives in the woods, and "has a clock for every one of his victims".
Walter was the last character added before Wanda, so whether this was intentional foreshadowing to her addition or a complete coincidence is unclear.
Gallery
Alarming Clock Equipped
Concept art of the Alarming Clock from Rhymes With Play #282.
Alarming Clock use animation concept from Rhymes With Play #282.
Alarming Clock use effect animation concept from Rhymes With Play #282.