{"schema_version":"1.0","name":"CBTJ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"604fb909-965e-43cc-a941-6a6ab2a4d779","symbol":"CBTJ","name":"Calamos Bitcoin 80 Series Structured Alt Protection ETF January","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","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, Strength versus the research benchmark, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control."},{"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":81,"displayedObservations":81,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","take":"Treat the repair as constructive context until price confirms 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history."},"events":{"positioning_recoveries":[{"date":"2026-04-24","price":20.07}],"reversal_warnings":[{"date":"2025-09-12","price":28.660233}],"reversal_dangers":[{"date":"2025-09-19","price":28.356743}]}},"smTape":{"available":true,"dates":["2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","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":[24.4706,24.5988,24.4508,23.0897,23.4497,23.1785,23.0207,23.0207,23.1094,23.1489,23.1836,24.4893,24.6935,25.5656,25.7844,26.384,26.0754,25.9895,26.1374,25.9599,26.5418,26.9683,28.4158,28.3369,28.1051,27.6465,28.332,28.4355,28.4898,27.0744,27.7003,28.6602,28.3567,27.1775,29.6997,28.5582,26.6898,27.3971,27.2953,26.0668,24.1056,22.2749,23.1444,22.8333,22.8616,22.24,22.1,22.44,22.4509,23.7,22.14,20.6825,19.1988,18.98,18.86,18.625,18.91,19.28,19.15,18.68,18.7738,19.5312,20.057,20.07,20.2022,20.413,20.2217,19.7197,19.31,17.693,17.9543,17.86,17.4479,17.6068,17.8587,17.7997,17.8176,17.58,17.805,17.4748,19.56],"consensus":[-89.1568,27.2725,-29.8532,-36.7886,-52.8467,-29.7163,-40.8684,-36.4199,-20.7634,0.0,-8.9378,62.8887,49.7709,71.4447,57.185,66.0041,14.1872,27.6116,23.1523,0.0,51.5431,53.4256,78.3531,25.724,25.8152,0.0,48.1396,12.7206,39.6287,-40.1368,15.3133,50.9228,0.0,-37.1626,63.548,-21.5412,-54.5637,0.0,-25.668,-55.6703,-71.7683,-80.1772,-13.5048,-42.5028,-43.7072,-45.7677,-46.2497,-12.1727,-36.3965,31.7509,-42.191,-64.2709,-65.314,-40.3738,-35.474,-44.5135,-29.0713,-11.0548,-30.129,-43.3004,-24.6931,20.0292,33.5814,17.6383,26.9396,24.5807,0.0,-31.3152,-38.3438,-73.2821,-25.1413,-46.9983,-57.5883,0.0,0.0,-17.8508,-16.5917,-33.9762,0.0,-43.1606,-61.4158],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","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":[-43.6434,26.666,63.8216,0.0,-47.9859,68.5493,-25.9023,-52.0411,0.0,-17.0726,-45.3239,-74.8381,-80.1351,-7.8907,-30.912,-46.4363,-45.1072,-49.0923,-10.6686,-42.0568,26.6861,-45.0269,-67.9471,-58.4333,-33.1168,-25.7624,-42.5948,-34.8558,-17.254,-43.01,-58.9751,-31.0917,21.6155,30.1327,10.5123,22.2714,17.115,0.0,-40.5704,-42.2076,-76.9154,-20.9082,-52.5115,-63.1481,0.0,0.0,-21.4425,-30.0202,-48.3813,0.0,-55.7212,-59.3626],"force":[-64.3647,19.4165,52.6762,0.0,-51.0574,68.4434,-64.4801,-69.2419,0.0,-27.3486,-75.377,-76.4465,-92.0033,-53.9252,-26.7489,-17.3955,-45.0754,-24.9682,-32.2573,-19.5162,72.7424,-52.8274,-67.7025,-76.8393,-16.3239,-9.137,-20.9551,-2.9832,-24.5735,-13.3298,-32.0811,-2.9202,54.8488,56.92,16.8143,27.6404,21.7767,0.0,-46.1623,-45.8029,-95.2708,-5.1339,-31.9647,-53.0643,0.0,0.0,-1.7113,-2.3632,-23.954,0.0,-39.6817,-65.8873],"direction":[-18.8236,0.5921,34.9288,0.0,-14.8682,54.3355,-14.1136,-46.9623,0.0,-34.2908,-53.4186,-64.9186,-71.778,-68.0854,-67.0023,-59.3823,-47.017,-58.2021,-45.6273,-41.985,8.2595,-31.3526,-57.6183,-64.9454,-65.8462,-65.3851,-63.5338,-45.3566,-29.4189,-27.4073,-33.4002,-32.9326,6.6547,20.8523,26.3708,31.7742,35.1157,0.0,-10.1327,-28.6002,-53.4235,-51.6043,-51.4356,-54.4655,0.0,0.0,-25.2743,-11.408,-24.6719,0.0,-31.2907,-60.5685],"intensity":[96.5517,50.0,70.9677,40.625,84.8485,100.0,80.0,97.2222,54.0541,44.7368,94.8718,95.0,100.0,57.1429,27.907,47.7273,71.1111,8.6957,17.0213,62.5,79.5918,92.0,88.2353,94.2308,50.0,9.6154,13.4615,26.9231,17.3077,1.9231,26.9231,7.6923,46.1538,36.5385,30.7692,3.8462,25.0,7.6923,46.1538,34.6154,88.4615,67.3077,11.5385,21.1538,34.6154,19.2308,1.9231,7.6923,17.3077,13.4615,25.0,92.3077],"confirmation":[81.5287,50.312,84.1522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Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-61.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-59.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-65.9","detail":"Downward 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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 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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,22.2517,25.7651,33.3142,34.5751,81.996,89.4111,97.1322,98.418,89.9573,83.2714,81.4103,84.6154,80.7692,93.3761,96.4337,98.5849,89.7101,86.3043,79.5652,89.6377,87.6399,88.4062,68.412,77.2527,90.8138,86.5266,69.8681,98.5898,78.4782,48.7696,54.3212,52.6001,16.6816,0.0,3.4554,14.1857,10.4546,10.8039,6.541,4.876,8.9196,9.0492,23.9044,5.3517,2.6116,6.4283,4.5499,3.5198,2.3407,4.7666,7.9159,6.8094,2.8089,3.6073,11.6435,16.975,17.1043,21.7589,24.5915,31.5632,23.0978,16.1889,1.5396,5.4454,4.0359,0.9841,5.4788,9.0467,10.9171,11.976,10.4348,16.9565,7.3855,67.8261],"stroke":"#10243b","width":2.0},{"label":"From 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