The Spirit of the Sword (1982)

In this film, there are 5 main clans ruling the martial world, each representing one of the 5 elements - fire, metal, water, wood and earth. Each year they hold a martial arts competition to decide which one of the 5 clans will rule the world. The story is centered around one of these tournaments, as a catastrophe arises when an evil samurai killer shows up 49 days before the start and tries to assassinate the current leader who happens to be from the Water clan.

Unfortunately the movie The Spirit of the Sword is not yet available on HBO Max.