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This would round down the time stamp to the nearest 5 minute interval based on first interval being 00:00:00.
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J2: =TIME(HOUR(B7),FLOOR(MINUTE(B7),5),0) Where B7 contains Time Stamp
URL: http://www.mrexcel.com/forum/excel-questions/359025-pivot-table-grouping-5-min-intervals.html