{"schema_version":"1.0","name":"CBTO Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"5b593e36-56cd-4065-8cd7-5b0ee18c18c4","symbol":"CBTO","name":"Calamos Bitcoin 80 Series Structured Alt Protection ETF October","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. Price has not yet responded to the same extent.","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, Directional strength and control, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range pressure and compression, Drawdown and recovery pressure."},{"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":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","take":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","tone":"caution","conflict":true},"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":[0.003522,0.063961,0.240077,0.262501,0.263873,0.224105,0.181235,0.068151,-0.005204,-0.088324,-0.160436,-0.099632,-0.028749,0.065542,0.221604,0.323001,0.418542,0.555219],"opens":[20.18,20.26,20.21,20.3,20.075,20.01,19.76,19.73,19.7,19.735,19.67,19.72,19.72,19.72,19.742117,19.74,19.73,19.8125],"highs":[20.32,20.26,20.46,20.3895,20.09,20.0499,19.86,19.81,19.76,19.7399,19.74,19.77,19.77,19.79,19.75,19.81,19.8,19.9199],"lows":[20.11,20.05,20.21,20.1898,19.9699,19.68,19.7,19.7,19.6901,19.67,19.67,19.7,19.7,19.72,19.7201,19.74,19.73,19.751],"closes":[20.24,20.1902,20.27,20.1898,19.9699,19.895,19.715,19.72,19.71,19.7,19.7249,19.7,19.7253,19.73,19.7449,19.775,19.75,19.87],"hoverRows":[[{"label":"Open","value":"20.2","className":"is-ohlc","compact":true},{"label":"High","value":"20.3","className":"is-ohlc","compact":true},{"label":"Low","value":"20.1","className":"is-ohlc","compact":true},{"label":"Close","value":"20.2","className":"is-ohlc","compact":true},{"label":"Market 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strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"19.8","className":"is-ohlc","compact":true},{"label":"High","value":"19.9","className":"is-ohlc","compact":true},{"label":"Low","value":"19.8","className":"is-ohlc","compact":true},{"label":"Close","value":"19.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.56","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[19.6658,20.3042],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.555219,"state":"Positive Market Dynamics ahead of price","context":{"scenario":"dynamicsAhead","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 is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"diagnosis":{"label":"Underlying strength ahead of price","detail":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","annotations":[{"label":"Current tape relationship","value":"Underlying strength ahead of price","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Leading price","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required.","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":[24.4968,23.6091,23.9281,23.779,23.1905,22.3216,21.6221,21.9915,21.8595,21.905,21.6712,21.59,21.72,21.7322,22.19,21.59,21.1765,20.3018,20.16,20.1251,19.99,20.1671,20.3099,20.1801,20.02,19.99,20.09,20.28,20.24,20.1902,20.27,20.1898,19.9699,19.895,19.715,19.72,19.71,19.7,19.7249,19.7,19.7253,19.73,19.7449,19.775,19.75,19.87],"consensus":[-100.0,-78.6595,0.0,-13.8553,-65.0187,-69.3149,-67.0977,-16.0608,-40.4024,-36.6047,-39.3041,-44.4009,-14.7067,-36.0106,18.2847,-38.8679,-49.6362,-68.642,-49.3146,-35.6605,-48.1644,-19.364,0.0,-38.5536,-38.2129,-33.5662,-9.3689,13.1443,0.0,0.0,0.0,-24.8384,-42.4087,-25.628,-50.3206,-33.6511,-28.9837,-24.9994,0.0,-27.9052,-12.114,-15.4767,0.0,0.0,-9.3997,27.9778],"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,-76.3519,-71.6175,-6.8512,-26.1198,-38.3366,-39.075,-48.1193,-8.2778,-41.8226,15.4883,-46.7377,-53.6714,-67.3222,-46.9763,-29.3663,-49.9984,-23.2037,0.0,-50.9011,-51.9471,-41.5153,-4.0939,9.3011,0.0,0.0,0.0,-35.8122,-56.197,-26.52,-54.6361,-38.9143,-34.348,-29.0155,0.0,-43.8157,-21.135,-28.8336,0.0,0.0,-20.2206,23.6626],"force":[-100.0,-78.6595,0.0,-13.8553,-32.6436,-51.3693,-43.4241,-49.1734,-20.6206,-6.6662,-35.5565,-20.4688,-15.4252,-18.8949,37.198,-31.9608,-49.5943,-83.5027,-36.1784,-10.3232,-27.4017,-17.7489,0.0,-32.0221,-26.5424,-16.3157,-14.7829,48.2629,0.0,0.0,0.0,-26.2476,-38.568,-15.8824,-54.5096,-16.1879,-12.6508,-9.9876,0.0,-16.8502,-0.5725,-5.9561,0.0,0.0,-5.998,34.6406],"direction":[null,null,null,null,-88.1438,-74.0908,-78.8419,-73.1818,-70.8552,-56.0101,-42.2427,-57.2456,-43.5768,-41.5938,7.971,-34.8077,-45.0543,-59.5356,-61.37,-60.9519,-60.8989,-41.485,0.0,-29.1074,-30.8527,-36.8032,-32.6489,7.5482,0.0,0.0,0.0,-11.2904,-29.3939,-31.5697,-42.3964,-40.1098,-34.5194,-31.1321,0.0,-17.6181,-10.8662,-7.0121,0.0,0.0,-0.5372,28.1502],"intensity":[null,null,null,null,75.0,80.0,100.0,42.8571,25.0,55.5556,60.0,9.0909,16.6667,53.8462,71.4286,73.3333,56.25,88.2353,61.1111,15.7895,15.0,23.8095,18.1818,8.6957,29.1667,20.0,3.8462,37.037,3.5714,3.4483,36.6667,9.6774,56.25,54.5455,35.2941,2.8571,2.7778,2.7027,5.2632,7.6923,7.5,2.439,14.2857,23.2558,9.0909,35.5556],"confirmation":[54.6667,47.8377,0.2527,27.1004,64.6593,89.5266,88.6809,13.782,80.5435,56.108,80.4666,81.4223,29.8432,78.9132,51.8034,80.1073,83.8208,90.4385,83.416,78.7351,82.7519,31.46,29.9901,79.9499,79.6632,78.0943,5.4961,52.2786,24.2417,24.7884,2.8665,75.824,81.2436,75.8904,84.1645,78.1559,76.6953,75.4811,3.6322,76.3503,48.8079,27.1255,24.5135,24.9129,25.5206,77.2217],"persistence":[null,null,66.6667,75.0,80.0,83.3333,85.7143,87.5,87.5,87.5,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,87.5,87.5,87.5,87.5,87.5,62.5,50.0,37.5,37.5,37.5,37.5,37.5,37.5,62.5,75.0,87.5,87.5,87.5,87.5,87.5,75.0,62.5,62.5,37.5],"assessmentRisk":[null,null,null,null,17.1668,14.9643,16.4488,41.8924,29.4418,17.6069,25.2429,14.8581,8.7541,2.0516,34.2158,19.434,19.1225,15.5608,25.3403,32.1468,25.857,9.5373,24.227,27.3922,23.56,7.7789,24.2352,9.3235,35.3775,36.0465,44.9595,19.9822,27.2061,36.2199,24.8275,33.15,34.6069,35.143,7.169,4.0508,15.5898,25.6009,10.9986,36.0347,20.3737,34.6517],"volumeParticipation":true,"latest":{"consensus":28.0,"control":23.7,"force":34.6,"direction":28.2,"confirmation":77.2,"persistence":37.5,"assessmentRisk":34.7,"intensity":35.6,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+28.0","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+23.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+34.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+28.2","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"77/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"26.3","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"1.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"44.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"24%","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 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