{
  "ticker": {
    "uuid": "30409356-8432-4667-88f6-90eeec6b273a",
    "symbol": "TRH1V",
    "name": "Trainers' House Oyj",
    "exchange": "HEL",
    "country": "FI",
    "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": "2026-09-18",
    "benchmark": "^OMXH25",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Early contraction",
    "architecture_gate": "down",
    "architecture_direction": -57.672,
    "architecture_energy": 47.399,
    "architecture_maturity": 9.691,
    "architecture_confidence": 91.401,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 29.37,
        "rotation_up": 18.3,
        "upward_expansion": 12.71,
        "deceleration": 36.27,
        "rotation_down": 58.65,
        "downward_expansion": 79.04
      },
      "activity_lines": [
        2.181333,
        2.225455,
        2.22981,
        2.278504
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.166667
    },
    "latest_close": 2.12,
    "trend_reference": 2.345487,
    "distance_from_trend": -0.096137,
    "trend_direction": "Weakening",
    "fair_value": 2.462442,
    "distance_from_fair_value": -0.139066,
    "fair_value_direction": "Improving",
    "relative_strength": -19.466847,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.192392,
    "excess_performance": -0.315967,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.096137,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.056794,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.139066,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.012356,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.194668,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.025897,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.192392,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.342811,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 2009,
      "relative_activity": 0.626081,
      "balance": 0.342811,
      "dry_up": 1.35882,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.077649,
      "annualized_volatility": 0.421076,
      "from_high_reference": -0.341415,
      "from_low_reference": 0.084729
    },
    "levels": {
      "trend_reference": 2.345487,
      "fair_value_reference": 2.462442,
      "structural_low": 2.08,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 26,
        "median_return": -0.00431,
        "positive_rate": 0.461538,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.026985,
        "regime_survival": 0.730769,
        "best_return": 0.354467,
        "worst_return": -0.171569,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 10,
        "median_return": -0.024284,
        "positive_rate": 0.1,
        "directional_follow_through": 0.8,
        "median_excess_return": -0.061873,
        "regime_survival": 0.5,
        "best_return": 0.243094,
        "worst_return": -0.156177,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": -0.028236,
        "positive_rate": 0.4,
        "directional_follow_through": 0.6,
        "median_excess_return": -0.113204,
        "regime_survival": 0.2,
        "best_return": 0.072096,
        "worst_return": -0.128501,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.153109,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.308859,
        "regime_survival": 0.333333,
        "best_return": 0.018605,
        "worst_return": -0.476724,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-03-29",
        "end": "2024-07-19",
        "tenure": "Established",
        "return": 0.061224,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2025-01-24",
        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-01-31",
        "end": "2025-09-12",
        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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        "end": "2026-02-27",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2026-04-10",
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        "active": false
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      {
        "regime": "upward_expansion",
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        "active": false
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      {
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        "tenure": "New",
        "return": -0.082645,
        "active": false
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2026-06-05",
        "tenure": "New",
        "return": 0.081818,
        "active": false
      },
      {
        "regime": "downward_expansion",
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      {
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      {
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        "active": true
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          2.467945,
          2.507078
        ]
      },
      {
        "date": "2026-06-12",
        "close": 2.2,
        "volume": 206,
        "typical_volume": 4205.55,
        "trend": 2.51973,
        "fair_value": 2.578882,
        "relative_strength": -17.775623,
        "stage": 1,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -59.107931,
        "energy": 48.951499,
        "activity_lines": [
          2.252,
          2.325818,
          2.435284,
          2.486442
        ]
      },
      {
        "date": "2026-06-19",
        "close": 2.18,
        "volume": 2035,
        "typical_volume": 4249.7,
        "trend": 2.511282,
        "fair_value": 2.569004,
        "relative_strength": -16.87712,
        "stage": 1,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -58.815111,
        "energy": 42.012792,
        "activity_lines": [
          2.230667,
          2.282182,
          2.403929,
          2.464524
        ]
      },
      {
        "date": "2026-06-26",
        "close": 2.1,
        "volume": 1,
        "typical_volume": 3913.65,
        "trend": 2.496974,
        "fair_value": 2.558326,
        "relative_strength": -18.346994,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -62.349056,
        "energy": 42.676196,
        "activity_lines": [
          2.185333,
          2.233455,
          2.367895,
          2.43799
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      },
      {
        "date": "2026-07-03",
        "close": 2.22,
        "volume": 38,
        "typical_volume": 3787.35,
        "trend": 2.489221,
        "fair_value": 2.5479,
        "relative_strength": -15.161896,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -56.834494,
        "energy": 49.660512,
        "activity_lines": [
          2.188,
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          2.346702,
          2.420121
        ]
      },
      {
        "date": "2026-07-10",
        "close": 2.32,
        "volume": 2,
        "typical_volume": 3722.8,
        "trend": 2.486718,
        "fair_value": 2.538633,
        "relative_strength": -9.941373,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -53.366738,
        "energy": 38.794672,
        "activity_lines": [
          2.222667,
          2.230182,
          2.336688,
          2.409203
        ]
      },
      {
        "date": "2026-07-17",
        "close": 2.1,
        "volume": 96,
        "typical_volume": 3405.85,
        "trend": 2.473688,
        "fair_value": 2.528127,
        "relative_strength": -18.047226,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -63.980296,
        "energy": 45.503125,
        "activity_lines": [
          2.188,
          2.203636,
          2.307904,
          2.384254
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      },
      {
        "date": "2026-07-24",
        "close": 2.34,
        "volume": 363,
        "typical_volume": 2994.7,
        "trend": 2.469296,
        "fair_value": 2.519677,
        "relative_strength": -8.850626,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -39.89076,
        "energy": 22.437408,
        "activity_lines": [
          2.24,
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          2.303656,
          2.375629
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      },
      {
        "date": "2026-07-31",
        "close": 2.1,
        "volume": 329,
        "typical_volume": 2660.9,
        "trend": 2.460737,
        "fair_value": 2.509114,
        "relative_strength": -18.009114,
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        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -61.469657,
        "energy": 32.601741,
        "activity_lines": [
          2.201333,
          2.203636,
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      },
      {
        "date": "2026-08-07",
        "close": 2.3,
        "volume": 982,
        "typical_volume": 2581.75,
        "trend": 2.449263,
        "fair_value": 2.501327,
        "relative_strength": -10.247779,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -38.827339,
        "energy": 24.12996,
        "activity_lines": [
          2.229333,
          2.219273,
          2.268599,
          2.341433
        ]
      },
      {
        "date": "2026-08-14",
        "close": 2.34,
        "volume": 151,
        "typical_volume": 2433.65,
        "trend": 2.435291,
        "fair_value": 2.495521,
        "relative_strength": -10.034232,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -31.591741,
        "energy": 16.379571,
        "activity_lines": [
          2.265333,
          2.240364,
          2.266381,
          2.334384
        ]
      },
      {
        "date": "2026-08-21",
        "close": 2.4,
        "volume": 4589,
        "typical_volume": 2619.55,
        "trend": 2.419487,
        "fair_value": 2.491479,
        "relative_strength": -8.357996,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -7.942579,
        "energy": 8.280111,
        "activity_lines": [
          2.32,
          2.273091,
          2.271143,
          2.332107
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      },
      {
        "date": "2026-08-28",
        "close": 2.28,
        "volume": 10695,
        "typical_volume": 3095.7,
        "trend": 2.402238,
        "fair_value": 2.484829,
        "relative_strength": -14.054013,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -13.346993,
        "energy": 13.815762,
        "activity_lines": [
          2.314667,
          2.280364,
          2.266381,
          2.323108
        ]
      },
      {
        "date": "2026-09-04",
        "close": 2.2,
        "volume": 1703,
        "typical_volume": 3121.95,
        "trend": 2.381683,
        "fair_value": 2.477493,
        "relative_strength": -15.945578,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -24.673145,
        "energy": 14.190641,
        "activity_lines": [
          2.286667,
          2.271273,
          2.256,
          2.31006
        ]
      },
      {
        "date": "2026-09-11",
        "close": 2.14,
        "volume": 3034,
        "typical_volume": 3226.75,
        "trend": 2.367431,
        "fair_value": 2.470348,
        "relative_strength": -18.876375,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -43.988595,
        "energy": 22.451089,
        "activity_lines": [
          2.232,
          2.249455,
          2.242762,
          2.294468
        ]
      },
      {
        "date": "2026-09-18",
        "close": 2.12,
        "volume": 2009,
        "typical_volume": 3208.85,
        "trend": 2.345487,
        "fair_value": 2.462442,
        "relative_strength": -19.466847,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -57.672437,
        "energy": 47.39935,
        "activity_lines": [
          2.181333,
          2.225455,
          2.22981,
          2.278504
        ]
      }
    ],
    "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."
    }
  }
}