Now I get what you're asking - I previously didn't understand that you wanted to eliminate time.

If I were doing this, I'd use the tick() function to keep track of price changes and the plot() and plotBar() functions for charting the price-based bars. You'd need to set ColorUp=ColorDn=0 so that regular bars are suppressed in the output.

Interesting that you find time equates to noise in your research - I find the exact opposite. I guess it goes to show that there are many ways to make money in the markets.