{"schema_version":"1.0","name":"OTGL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6a3a5591-c6c4-4d80-a467-0dcc34b53ef8","symbol":"OTGL","name":"OTG LATIN AMERICA ETF","exchange":"NASDAQ","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 moved below the distribution zone after Market Dynamics weakened.","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, Range pressure and compression, Directional strength and control, Drawdown and recovery pressure, Range position and boundary 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":58,"displayedObservations":58,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the 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Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":100.0,"averageReturn":-3.4,"sample":1},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 100.0% of comparable cases moved lower after 12 weeks, with an average move of -3.4% across 1 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 3.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 4.6% across 1 completed cases, with the largest move arriving after 9.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+34.8","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+30.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+70.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction 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references are aligned upward.","series":[{"label":"Close","values":[8.9334,8.8057,8.638,8.9849,8.9557,9.0444,9.1205,9.2327,9.2271,9.32,9.266,9.1878,8.8946,9.1634,9.2664,9.5348,9.6325,9.6912,9.456,9.8965,9.6716,9.8525,9.7381,9.9948,9.9783,10.3562,10.5344,11.1163,11.1075,11.1442,11.272,11.3817,11.2729,10.4374,10.2572,9.9742,10.3731,10.834,11.3113,11.3135,10.9547,10.7467,10.9139,10.3808,10.613,10.6449,10.3307,10.7509,10.5598,10.4695,10.5054,10.725,10.635,10.6415,10.915,10.74,10.55,10.7678],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,8.6297,8.6456,8.6667,8.6593,8.6769,8.689,8.6667,8.6414,8.6211,8.6348,8.5983,8.6183,8.6531,8.758,8.7732,8.8134,8.7989,8.7717,8.6503,8.5984,8.5712,8.5694,8.6015,8.7397,8.8811,9.0086,9.0697,9.1487,9.2325,9.355,9.4152,9.5499,9.6581,9.813,9.8811,9.9867,10.0239,9.9941,9.9869,9.9658,9.9405,9.9352,9.9684,9.9937,10.0105,10.0595,10.1889,10.2155,10.2141],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"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,322.5313,77.6714,4.7516,110.1383,424.7612,263.6289,134.5725,60.3943,3.1282,38.684,51.2355,60.7531,130.2998,90.7675,57.0736,105.0083,16.7011,58.4016,729.4674,454.8208,225.6907,205.0081,96.8305,145.2668,77.5065,60.6093,115.7637,117.1872,40.5068,25.4839,15.0796,28.9394,51.0794,15.8462,97.8573,83.8974,23.3637,12.9131,18.2253,59.4451,131.7494,76.522,100.9938,14.9807,19.568,11.1935,27.2885,10.3412,26.1694,141.6242,267.8759],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,131.432,131.6294,127.0072,101.7139,83.537,93.0691,97.2293,97.4317,99.8424,102.9462,99.3443,107.1946,101.4968,105.1777,98.0746,99.2118,95.1161,135.0,135.0,135.0,128.2856,131.6161,135.0,135.0,133.1789,129.6033,125.8099,124.4724,125.3185,125.8184,126.7811,128.4841,127.9606,124.5991,127.5455,126.7179,127.173,127.6866,126.3064,129.1624,127.6735,125.7602,126.0108,126.3176,126.1513,126.5128,126.6308,126.346,124.7518,128.1563],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,4.7864,4.5345,4.2973,4.0803,3.9712,3.9754,3.8838,3.9826,3.8145,3.8164,3.6398,3.4708,3.4001,3.2649,3.2547,3.3843,3.4654,3.46,3.3595,3.559,4.2063,4.3605,4.5462,4.4683,4.3351,4.2715,4.1095,4.2186,4.2399,4.3499,4.6413,4.4955,4.2981,4.4138,4.4319,4.4167,4.3136,4.1108,3.9621,3.7888,3.6671,3.4988,3.4182,3.4546,3.3553],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,8.7869,8.896,8.6757,8.5706,8.3569,8.3889,9.4915,10.7014,11.7873,11.8079,13.3352,13.6485,13.9476,12.8002,13.4822,13.6397,15.2267,17.1557,21.4388,24.2165,26.3904,28.173,29.4062,28.6846,26.9925,25.3517,24.5419,23.6443,23.0045,22.2356,22.2889,20.8311,19.5577,17.6646,16.7277,15.3127,14.8726,15.2483,15.0698,14.9911,14.8807,14.3179,13.1243,12.0867,11.9525,11.6132,9.8723,9.5334,9.4997],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,26.2297,29.4018,32.79,35.407,37.9132,39.6423,41.6413,40.6144,39.1933,37.1298,35.3522,34.3954,34.3634,34.5157,33.6311,31.9804,29.9996,27.9475,25.9855,24.3482,23.2259,22.6455,21.96,21.7686,21.5908,20.9714,20.3047,19.3139,18.2043,17.1739,16.9586,16.7177],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,7.7099,9.4668,12.4329,13.7122,18.1734,17.2769,20.0496,20.7529,19.7505,18.5458,18.7576,19.1128,24.8868,27.5654,34.8876,40.9608,37.0228,35.4921,33.6154,35.9925,30.5426,27.8386,25.4972,24.0912,26.9728,31.5946,32.3143,30.1876,28.4304,25.3375,23.1829,21.7391,22.5963,21.0537,18.7091,18.5063,17.747,17.2334,18.5322,18.6264,19.8362,19.8502,19.1743,17.9342,16.9973],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,7.497,7.2666,6.9196,6.6984,6.3521,10.0244,9.1038,8.4355,8.1209,8.4653,8.0304,7.8328,7.1537,6.8007,6.0031,5.3651,6.6805,6.1426,7.8541,6.9507,17.4561,18.2825,20.7339,18.8353,17.2606,15.5799,15.0343,19.2469,23.0175,23.2719,22.6014,21.9485,21.2528,25.0337,25.3641,24.061,26.2244,25.4653,24.0314,23.533,22.5638,21.4095,20.6805,23.8506,22.3417],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-1.4298,-3.3076,0.0,-0.3254,0.0,0.0,0.0,-0.061,0.0,-0.5789,-1.4179,-4.5641,-1.6801,-0.5747,0.0,0.0,0.0,-2.4266,0.0,-2.2716,-0.4444,-1.6,0.0,-0.1654,0.0,0.0,0.0,-0.0784,0.0,0.0,0.0,-0.956,-8.2969,-9.8801,-12.3661,-8.8616,-4.8124,-0.6187,-0.5987,-3.7516,-5.5791,-4.1101,-8.7937,-6.7539,-6.4737,-9.2341,-5.5425,-7.2212,-8.0145,-7.6991,-5.7697,-6.5604,-6.5033,-4.1003,-5.6379,-7.3073,-5.3937],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,6.8853,6.82,7.8956,7.2709,6.3657,2.971,6.0828,7.2755,10.3827,11.5142,12.1932,9.4707,14.5694,11.9669,14.0602,12.7363,15.7079,15.5165,19.8915,21.9547,28.6908,24.8797,25.2916,26.7286,27.962,26.7386,17.345,15.3191,12.1381,16.6225,21.8039,23.4399,22.0921,15.8489,13.6492,15.4173,9.7799,9.733,10.0627,6.0852,10.3999,5.8709,4.9656,5.3255,7.5272,6.6248,6.69,9.4321,7.6776,5.7727,7.9563],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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