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The equation of time is the difference between true solar time and mean time. True solar time varies from day to day because of the Earth's elliptical orbit. Mean time, given by watches, ignores these variations and for every day of the year mathematically divides time into equal hours.
Watches featuring a GMT complication (which stands for Greenwich Mean Time) can display a second time zone thanks to an additional hand. They are much appreciated by travelers and airline pilots.
The date is a small window on the dial which indicates the day of the month (between 1 and 31).
The power reserve indicator tells you the time the watch will continue to function. It can either be seen on hand winding or automatic watches.
Watches featuring a small seconds have a smaller subcounter, usually located at 6h, which indicates seconds.