{"schema_version":"1.0","name":"PAYR Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1e987b8c-a3d9-4e3a-85e8-0620cab54845","symbol":"PAYR","name":"Federated Hermes Enhanced Income ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Activity pressure and cumulative balance, Directional strength and control, Range position and boundary pressure, Acceleration, deceleration and rollover, Directional pressure and rotation."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":46,"displayedObservations":46,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure retains strong Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","take":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.053241,-0.17959,-0.356985,-0.542221,-0.637214,-0.672809,-0.643013,-0.524239,-0.527785,-0.391995,-0.214485,-0.133119,0.1364,0.271864,0.421124,0.525427,0.558624,0.602455],"opens":[54.036084,52.904844,52.992448,52.019839,51.882299,53.306827,51.840288,53.118321,53.861997,52.287154,53.805296,54.749969,54.362235,55.028342,55.841986,55.32,54.89,55.99],"highs":[54.707585,53.198759,53.11034,52.648597,53.550274,53.503314,53.703247,54.199131,53.861997,54.15575,54.680376,54.917987,55.70439,55.724274,57.528726,56.04,56.63,56.94],"lows":[52.436332,52.317339,51.892123,51.464765,51.882299,51.779704,51.571573,52.786146,52.310193,52.247821,52.943826,53.43764,54.004327,54.342351,54.94,54.91,54.89,55.76],"closes":[52.943513,52.92859,51.892123,51.850664,53.550274,52.316043,53.340135,54.145189,52.316935,54.15575,54.529159,53.886814,55.186318,55.532992,55.6,55.52,56.1309,56.1462],"hoverRows":[[{"label":"Open","value":"54.0","className":"is-ohlc","compact":true},{"label":"High","value":"54.7","className":"is-ohlc","compact":true},{"label":"Low","value":"52.4","className":"is-ohlc","compact":true},{"label":"Close","value":"52.9","className":"is-ohlc","compact":true},{"label":"Market 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strengthening","context":{"scenario":"positiveSustained","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Extended but supported","detail":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":18,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[46.7375,47.3314,47.5719,46.8441,47.2534,48.1102,48.0698,48.4106,48.1163,48.5995,48.482,48.9985,49.0097,49.164,50.1543,50.537,51.4645,53.7845,54.3112,54.2975,54.8009,53.6878,53.1357,52.1361,52.6778,53.7166,53.819,53.6608,52.9435,52.9286,51.8921,51.8507,53.5503,52.316,53.3401,54.1452,52.3169,54.1557,54.5292,53.8868,55.1863,55.533,55.6,55.52,56.1309,56.1462],"consensus":[13.4786,44.4884,-35.4,-39.5509,20.5634,21.7968,18.4852,30.8076,0.0,33.2447,9.3112,26.9495,23.7365,32.1607,58.8215,53.6451,61.3589,80.0567,64.6012,52.7724,65.5812,0.0,-8.2597,-34.976,8.9361,43.6079,18.7392,9.4938,-19.8952,0.0,-49.588,-24.474,44.7448,-36.224,35.3501,44.5645,-45.6736,52.4395,35.997,-14.8655,52.527,40.5305,18.2373,23.6234,39.6716,18.7904],"supportDates":["2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,20.1333,19.7143,28.1233,0.0,40.7204,4.526,25.851,20.8814,35.1015,61.9042,55.4237,65.5924,85.353,61.7339,57.267,63.0098,0.0,-2.8566,-30.6272,16.722,44.2404,14.1194,1.8778,-18.7731,0.0,-46.284,-18.9161,51.1144,-30.2097,35.6254,48.0041,-46.0729,53.6514,37.8807,-9.884,47.635,43.1027,11.6804,20.7037,42.5204,16.6968],"force":[13.4786,44.4884,-35.4,-39.5509,23.3595,12.2478,7.6646,21.9951,0.0,26.3474,4.2488,16.7661,7.6078,23.415,51.6708,38.8542,58.767,88.7088,61.9529,21.9365,62.8929,0.0,-49.6038,-72.0317,15.5516,65.3755,4.5178,12.0265,-57.5427,0.0,-72.0714,-15.8017,67.6128,-69.4594,51.9015,48.1419,-70.2433,74.8626,35.1134,-53.3337,70.1803,33.7688,1.6389,7.5431,37.1467,2.1409],"direction":[null,null,null,null,18.5663,30.5187,24.8096,40.17,0.0,29.6276,24.4657,35.4787,38.5201,35.0468,60.4061,62.1776,58.3721,67.8236,69.7698,69.6612,70.4402,0.0,-15.097,-13.4777,4.6875,27.3366,34.1771,33.5695,-5.7136,0.0,-37.3044,-37.0204,21.1309,-19.3578,23.213,38.0782,-27.6676,35.038,34.4753,-6.9187,45.5082,42.4206,37.5869,38.4461,38.2193,33.0755],"intensity":[null,null,null,null,25.0,100.0,66.6667,28.5714,50.0,33.3333,10.0,45.4545,8.3333,15.3846,78.5714,73.3333,68.75,100.0,88.8889,21.0526,50.0,80.9524,45.4545,82.6087,50.0,72.0,57.6923,81.4815,89.2857,75.8621,63.3333,22.5806,87.5,72.7273,58.8235,71.4286,91.6667,91.8919,39.4737,35.8974,72.5,7.3171,88.0952,72.093,34.0909,46.6667],"confirmation":[26.9798,36.903,33.9947,35.3229,52.0415,74.7093,50.9001,77.6308,29.6051,78.3142,26.2123,76.3302,52.481,77.9801,86.558,84.6886,87.4914,93.8011,88.6354,83.8789,88.9432,12.5187,7.2061,80.3879,49.2759,82.6083,50.9669,5.0639,54.0831,1.8927,84.6037,75.6521,82.9182,80.6962,79.8123,82.3173,83.3583,85.4455,79.4634,52.8146,85.4212,80.7245,50.7633,52.4472,80.5745,58.8707],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,37.5,37.5,62.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,87.5,62.5,37.5,37.5,37.5,37.5,37.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,0.0,25.0,25.0,25.0,50.0,50.0,50.0,75.0,75.0],"assessmentRisk":[null,null,null,null,28.0294,33.7746,28.4177,34.4653,48.8714,22.7824,31.7356,30.1935,36.7124,28.1247,20.5328,23.0714,19.3202,9.9716,17.6991,23.613,17.2063,3.2403,40.973,31.8444,53.7366,20.1696,23.0631,42.2932,24.1279,35.5343,24.8956,37.4139,9.2123,12.6513,28.9134,27.1825,19.7219,20.4999,22.4493,4.3672,23.1282,22.1641,28.3964,33.9836,16.0955,18.6363],"volumeParticipation":true,"latest":{"consensus":18.8,"control":16.7,"force":2.1,"direction":33.1,"confirmation":58.9,"persistence":75.0,"assessmentRisk":18.6,"intensity":46.7,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+18.8","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+16.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+2.1","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+33.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"59/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"66.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.9%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"46.0","detail":"Directional","tone":"positive"},{"label":"Range position","value":"77%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned 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trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,47.6342,47.7475,47.9258,48.1192,48.367,48.7683,49.1789,49.5581,49.9464,50.2236,50.4393,50.565,50.7215,50.9433,51.1563,51.3419,51.4605,51.5693,51.5932,51.6122,51.7558,51.7973,51.9116,52.077,52.0948,52.2475,52.4165,52.5254,52.7225,52.9307,53.1284,53.3056,53.5149,53.7098],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,48.9378,49.0332,49.2584,49.4222,49.5847,50.007,50.431,51.0296,52.2424,53.2461,53.9925,54.7979,55.2615,55.5678,55.6242,55.7195,55.9708,56.167,56.3026,56.2567,56.1992,55.9984,55.8126,55.6519,55.3246,55.1428,55.0308,54.941,54.99,55.0296,54.9704,55.0657,55.4053,55.7418,55.9809,56.338,56.6513],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,46.4712,46.5171,46.4958,46.5063,46.5151,46.3734,46.2428,46.0122,45.3842,44.9592,44.7323,44.7332,44.9053,45.1554,45.6282,46.0753,46.3846,46.7634,47.1528,47.6814,48.1718,48.7136,49.1846,49.7994,50.4419,50.9423,51.4151,51.5902,51.5782,51.5605,51.5786,51.5219,51.3668,51.2767,51.376,51.3642,51.2938],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,28.999,143.3124,28.9493,52.1548,26.4385,14.3826,80.9771,32.2585,81.4087,86.6918,94.4334,308.3074,105.6672,214.1197,169.8409,138.5275,102.0115,110.6681,221.5779,154.2316,481.7276,235.6674,104.8233,114.4847,72.4598,63.7685,142.3909,58.1713,48.5944,67.6333,73.0405,86.6167,328.02,115.2001,94.7084,136.8556,89.0478,62.9399,220.2491],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,75.8853,68.5749,80.5788,77.6594,88.9416,89.2145,92.9825,100.0,99.5766,99.0164,99.2882,97.7727,97.6231,99.1242,85.252,77.1348,67.2233,72.5947,82.8952,82.1243,72.5905,65.4542,65.3057,49.4783,49.0153,67.9963,51.6687,63.7411,72.0164,48.211,71.4434,76.1612,65.7906,80.8441,84.8745,68.1936,66.8744,76.9486,77.2009],"stroke":"#10243b","width":2.0},{"label":"From 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rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.5373,0.5767,0.6799,0.7836,0.9299,1.219,1.4737,1.6553,1.8188,1.8375,1.7871,1.6475,1.5626,1.5611,1.5504,1.5116,1.4068,1.3075,1.1321,0.9785,0.9825,0.8761,0.8644,0.9096,0.7888,0.8318,0.8859,0.8669,0.9458,1.0245,1.0798,1.1045,1.1599,1.1914],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.6775,0.7858,0.9234,1.0698,1.2196,1.3432,1.4319,1.4751,1.4926,1.5063,1.5151,1.5144,1.4929,1.4558,1.3911,1.3086,1.2434,1.1699,1.1088,1.0689,1.0129,0.9767,0.9585,0.9402,0.9413,0.9579,0.9823,1.0067,1.0374,1.0682],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.2524,0.4332,0.5503,0.5855,0.5993,0.4943,0.3551,0.1725,0.07,0.0548,0.0353,-0.0028,-0.0861,-0.1483,-0.259,-0.3301,-0.2608,-0.2938,-0.2444,-0.1594,-0.2241,-0.1449,-0.0727,-0.0733,0.0045,0.0665,0.0975,0.0977,0.1225,0.1232],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"momentum","eyebrow":"Momentum pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed character across the latest observations.","series":[{"label":"Momentum","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,90.628,91.1773,92.3479,94.3627,94.7036,94.5435,94.8858,82.5541,77.1956,68.5228,70.4598,73.7904,74.1004,72.6704,66.4121,66.2842,57.9388,57.6263,65.7766,57.1761,61.6561,64.7757,54.0258,61.0307,62.2873,58.7762,63.2852,64.4038,64.6281,64.1087,66.3339,66.3901],"stroke":"#063b66","width":2.0},{"label":"Rotation","values":[null,null,null,null,null,null,67.419,75.8853,68.5749,80.5788,77.6594,88.9416,89.2145,92.9825,100.0,99.4749,98.8244,99.1923,97.1079,96.9137,98.8758,79.9715,69.2889,53.7056,60.178,75.1454,76.6208,62.7339,45.9048,40.2604,5.2821,7.7941,42.1213,17.1934,37.8771,54.1369,17.2114,54.3502,61.892,48.9184,75.1647,95.5093,68.1936,66.8744,76.9486,76.7922],"stroke":"#1678a7","width":1.5},{"label":"Rotation 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