{
  "ticker": {
    "uuid": "1f80367b-6f6e-4aa0-8f0b-6d7d9cfbb4d6",
    "symbol": "MUD",
    "name": "Mud & Hound Public Company Limited",
    "exchange": "SET",
    "country": "TH",
    "assetType": "equity"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^SET.BK",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 89.303,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Early expansion",
    "architecture_gate": "up",
    "architecture_direction": 59.722,
    "architecture_energy": 42.318,
    "architecture_maturity": 30.93,
    "architecture_confidence": 72.773,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 24.21,
        "rotation_up": 58.59,
        "upward_expansion": 78.36,
        "deceleration": 59.4,
        "rotation_down": 16.84,
        "downward_expansion": 5.03
      },
      "activity_lines": [
        0.892,
        0.87,
        0.807905,
        0.78286
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 0.9,
    "trend_reference": 0.734,
    "distance_from_trend": 0.226158,
    "trend_direction": "Improving",
    "fair_value": 1.305064,
    "distance_from_fair_value": -0.310379,
    "fair_value_direction": "Improving",
    "relative_strength": 0.528056,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.343284,
    "excess_performance": 0.150959,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.226158,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.073099,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.310379,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.179909,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.005281,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.285458,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.343284,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.369985,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 112300,
      "relative_activity": 1.091404,
      "balance": 0.369985,
      "dry_up": 1.272657,
      "accumulation_observations": 2,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.131624,
      "annualized_volatility": 0.653905,
      "from_high_reference": -0.181818,
      "from_low_reference": 1.5
    },
    "levels": {
      "trend_reference": 0.734,
      "fair_value_reference": 1.305064,
      "structural_low": 0.47,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": -0.02439,
        "positive_rate": 0.272727,
        "directional_follow_through": 0.272727,
        "median_excess_return": -0.014322,
        "regime_survival": 0.636364,
        "best_return": 0.088235,
        "worst_return": -0.059829,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.009804,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.00351,
        "regime_survival": 0.25,
        "best_return": 0.051282,
        "worst_return": -0.030075,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.088235,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.060249,
        "regime_survival": 0.666667,
        "best_return": 0.135135,
        "worst_return": -0.047619,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.046218,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.079484,
        "regime_survival": 0.5,
        "best_return": 0.235294,
        "worst_return": -0.142857,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2021-11-26",
        "end": "2022-01-14",
        "tenure": "Developing",
        "return": 0.084906,
        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "balance",
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      {
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      {
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-03-17",
        "end": "2024-09-13",
        "tenure": "Extended",
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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          0.688559
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      },
      {
        "date": "2026-05-01",
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        "volume": 70200,
        "typical_volume": 86635.0,
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      },
      {
        "date": "2026-05-08",
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        "typical_volume": 82765.0,
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        "relative_strength": -28.017731,
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        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
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        "typical_volume": 83490.0,
        "trend": 0.697667,
        "fair_value": 1.422115,
        "relative_strength": -19.636188,
        "stage": 1,
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        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": 58.922139,
        "energy": 42.019151,
        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 119505.0,
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        "relative_strength": -31.34402,
        "stage": 1,
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        "modifier": "Upper balance after advance",
        "gate": "up",
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        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 121920.0,
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      },
      {
        "date": "2026-06-05",
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        "typical_volume": 124390.0,
        "trend": 0.673333,
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        "relative_strength": -39.654662,
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        "gate": "mixed",
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 122865.0,
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        "relative_strength": -28.676456,
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        "gate": "mixed",
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      },
      {
        "date": "2026-06-19",
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        "energy": 15.583885,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 0.78,
        "volume": 700,
        "typical_volume": 91180.0,
        "trend": 0.676333,
        "fair_value": 1.358526,
        "relative_strength": -14.76951,
        "stage": 1,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": 39.953525,
        "energy": 17.361739,
        "activity_lines": [
          0.722667,
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          0.721048,
          0.704043
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      },
      {
        "date": "2026-07-03",
        "close": 0.89,
        "volume": 79900,
        "typical_volume": 86975.0,
        "trend": 0.686333,
        "fair_value": 1.349487,
        "relative_strength": -5.59561,
        "stage": 1,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": 68.728793,
        "energy": 52.053673,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
        "close": 0.95,
        "volume": 183500,
        "typical_volume": 91785.0,
        "trend": 0.695,
        "fair_value": 1.339679,
        "relative_strength": 1.418454,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 75.294796,
        "energy": 71.312271,
        "activity_lines": [
          0.856667,
          0.785091,
          0.756857,
          0.734839
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      },
      {
        "date": "2026-07-17",
        "close": 0.95,
        "volume": 242700,
        "typical_volume": 99210.0,
        "trend": 0.706667,
        "fair_value": 1.33141,
        "relative_strength": 1.316458,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 72.031479,
        "energy": 75.136778,
        "activity_lines": [
          0.902,
          0.820727,
          0.775571,
          0.75129
        ]
      },
      {
        "date": "2026-07-24",
        "close": 0.89,
        "volume": 144500,
        "typical_volume": 104315.0,
        "trend": 0.715,
        "fair_value": 1.322885,
        "relative_strength": -4.18467,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 63.571598,
        "energy": 73.051546,
        "activity_lines": [
          0.910667,
          0.841455,
          0.787667,
          0.763118
        ]
      },
      {
        "date": "2026-07-31",
        "close": 0.84,
        "volume": 24300,
        "typical_volume": 98050.0,
        "trend": 0.719,
        "fair_value": 1.314038,
        "relative_strength": -7.538451,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 60.700892,
        "energy": 63.96072,
        "activity_lines": [
          0.893333,
          0.851636,
          0.794905,
          0.771183
        ]
      },
      {
        "date": "2026-08-07",
        "close": 0.9,
        "volume": 112300,
        "typical_volume": 102895.0,
        "trend": 0.734,
        "fair_value": 1.305064,
        "relative_strength": 0.528056,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 59.721787,
        "energy": 42.318275,
        "activity_lines": [
          0.892,
          0.87,
          0.807905,
          0.78286
        ]
      }
    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}