{ "ticker": { "uuid": "c7a4ac61-9f49-4973-9080-62fb8826af57", "symbol": "CPNS", "name": "CALAMOS NASDAQ-100 STRUCTURED ALT PROTECTION ETF - SEPTEMBER", "exchange": "NYSEARCA", "country": "US", "assetType": "etf" }, "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": "SPY", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 96.0, "architecture_regime": "upward_expansion", "architecture_regime_label": "Upward Expansion", "architecture_modifier": "Established expansion", "architecture_gate": "up", "architecture_direction": 84.744, "architecture_energy": 73.051, "architecture_maturity": 51.659, "architecture_confidence": 76.083, "architecture_tenure": "Established", "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": 4.75, "rotation_up": 68.6, "upward_expansion": 90.0, "deceleration": 57.06, "rotation_down": 26.45, "downward_expansion": 12.0 }, "activity_lines": [ 28.23808, 28.180873, 28.073827, 27.913842 ], "activity_state": "Wide", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 1.0 }, "latest_close": 28.309, "trend_reference": 27.713457, "distance_from_trend": 0.021489, "trend_direction": "Improving", "fair_value": 26.501965, "distance_from_fair_value": 0.068185, "fair_value_direction": "Improving", "relative_strength": -8.028283, "relative_strength_direction": "Weakening", "price_momentum": 0.036201, "excess_performance": -0.089424, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.021489, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.011919, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.068185, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.004859, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.080283, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.000377, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.036201, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 9.236027, "read": "Demand-led" } ], "volume": { "latest": 50307, "relative_activity": 3.916847, "balance": 9.236027, "dry_up": 1.550813, "accumulation_observations": 6, "distribution_observations": 0 }, "risk": { "range_context": 0.003617, "annualized_volatility": 0.021818, "from_high_reference": -0.000741, "from_low_reference": 0.064248 }, "levels": { "trend_reference": 27.713457, "fair_value_reference": 26.501965, "structural_low": 27.0389, 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88.249066, "activity_lines": [ 28.108607, 28.069502, 27.909822, 27.761047 ] }, { "date": "2026-07-17", "close": 28.1637, "volume": 8158, "typical_volume": 9906.9, "trend": 27.616847, "fair_value": 26.448618, "relative_strength": -5.491466, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 77.391103, "energy": 89.339564, "activity_lines": [ 28.133193, 28.09264, 27.95124, 27.798368 ] }, { "date": "2026-07-24", "close": 28.1708, "volume": 7372, "typical_volume": 9866.05, "trend": 27.64678, "fair_value": 26.466014, "relative_strength": -4.727316, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 74.646608, "energy": 87.901898, "activity_lines": [ 28.151773, 28.112798, 27.989335, 27.834107 ] }, { "date": "2026-07-31", "close": 28.2541, "volume": 13836, "typical_volume": 10377.05, "trend": 27.680433, "fair_value": 26.483895, "relative_strength": -5.240822, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 82.666632, "energy": 74.205564, "activity_lines": [ 28.19244, 28.144129, 28.03129, 27.873289 ] }, { "date": "2026-08-07", "close": 28.309, "volume": 50307, "typical_volume": 12843.75, "trend": 27.713457, "fair_value": 26.501965, "relative_strength": -8.028283, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 84.74373, "energy": 73.051134, "activity_lines": [ 28.23808, 28.180873, 28.073827, 27.913842 ] } ], "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." } } }