Effect
Each turn, the first card(s) in your Pendulum Zone that would be destroyed by an opponent's card effect, is not destroyed.
"You can activate this card if you control no monsters" is not treated as an effect. It is a condition for activating "Timegazer Magician" as a Spell Card in the Pendulum Zone.
The monster effect of "①" is a Continuous Effect.
The Pendulum Effect "①: If your Pendulum Monster battles, your opponent cannot activate Trap Cards until the end of the Damage Step" does not create a Chain Link.
The Pendulum Effect "②: If you do not have a 'Magician' card or 'Odd-Eyes' card in your other Pendulum Zone, this card's Pendulum Scale becomes 4" is an effect that does not start a Chain.
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