{"schema_version":"1.0","name":"CBOJ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"7f38b211-a9be-445d-a89e-9e10d7a97650","symbol":"CBOJ","name":"Calamos Bitcoin 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, Range position and boundary pressure, Strength versus the research benchmark, Activity pressure and cumulative balance, Range pressure and compression, 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":83,"displayedObservations":83,"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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in progress","tone":"caution","headline":"Market Dynamics is repairing while price remains rotational","use":"The repair is constructive, but price has not yet established a clear response.","confirm":"Treat the repair as constructive context until price confirms it.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"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 no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"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 1.5 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 2.7% across 2 completed cases, with the largest move arriving after 11.5 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 history."},"events":{"positioning_recoveries":[{"date":"2026-04-17","price":24.0}],"reversal_warnings":[{"date":"2025-11-28","price":24.284092}],"reversal_dangers":[{"date":"2025-12-05","price":24.250155}]}},"smTape":{"available":true,"dates":["2025-01-24","2025-01-31","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":[24.2599,24.2889,24.2078,24.2211,24.2114,23.9787,24.0853,24.0514,24.0083,24.0271,24.0783,24.0512,24.0857,24.3082,24.3277,24.5403,24.5614,24.6864,24.6581,24.6182,24.671,24.6429,24.7641,24.8804,25.1759,25.21,25.1333,25.079,25.234,25.2726,25.3067,25.0272,25.1853,25.3992,25.3362,25.1081,25.6641,25.4475,25.0404,25.234,25.249,24.9488,24.5363,24.2028,24.2841,24.2502,24.22,24.1058,24.0702,24.099,24.04,24.08,24.035,24.01,23.7625,23.73,23.715,23.69,23.7397,23.8,23.75,23.71,23.7442,23.88,24.0,24.0369,24.0437,24.1195,24.0678,23.9834,23.9333,23.6272,23.6793,23.67,23.5686,23.6239,23.69,23.6841,23.675,23.63,23.6952,23.67,24.105],"consensus":[-60.5362,0.0,32.9479,34.5423,-18.0988,-58.6106,-16.5755,-21.5972,-35.0158,-15.5708,0.0,0.0,8.8802,62.2923,38.1901,76.151,42.786,60.6014,23.4223,20.7491,25.8258,0.0,49.9769,54.0593,77.7979,41.7693,25.9807,13.3044,55.5681,20.7814,46.5723,-23.5919,30.8947,58.8203,0.0,-24.8259,72.4603,-10.4182,-49.253,19.5666,-11.7723,-47.4185,-70.4566,-75.0827,-23.9928,-38.1099,-45.4471,-51.3458,-46.1298,-20.3122,-54.624,-23.9129,-28.1223,-36.6024,-57.4543,-34.139,-29.0517,-33.4949,-20.3635,0.0,-31.2413,-28.5489,-10.9378,21.7345,42.6625,34.2941,29.4106,39.9056,0.0,-13.2019,-20.0288,-64.6095,-17.7522,-37.6556,-56.2158,0.0,8.7827,0.0,-13.0302,-32.2615,17.2729,-17.6207,-66.5121],"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":[-28.4018,41.2713,71.5205,0.0,-33.3127,71.3442,-19.682,-44.4852,16.9926,-4.9167,-39.2515,-69.2727,-72.8626,-16.0893,-29.7703,-43.9751,-49.9018,-48.8164,-13.0958,-57.7477,-30.4964,-23.7434,-39.2008,-48.3787,-25.8237,-18.3233,-27.0457,-22.634,0.0,-44.0128,-38.8354,-13.8772,23.8335,41.7342,30.517,22.8124,36.4678,0.0,-15.81,-22.4038,-69.0775,-13.8186,-38.4942,-57.5267,0.0,14.986,0.0,-25.6374,-41.8106,16.8687,-23.6792,-65.7436],"force":[-52.8287,29.2673,54.5137,0.0,-54.314,94.0787,-53.4807,-73.7233,37.1305,-16.0762,-62.2213,-85.1486,-87.1285,-24.711,-11.3636,-24.9244,-49.8354,-22.5522,-15.9097,-48.2457,-9.8682,-16.8111,-20.8349,-68.3686,-9.4841,-3.4847,-9.2651,-5.546,0.0,-22.1636,-17.545,-5.9913,32.8787,48.5158,24.6163,17.4224,28.3517,0.0,-34.1011,-29.3542,-77.5636,-17.1218,-24.2466,-59.1083,0.0,32.7047,0.0,-7.6692,-35.8741,48.5872,-17.2194,-72.0682],"direction":[-2.7887,20.1983,47.382,0.0,-5.9362,58.2942,-30.928,-37.223,9.9627,-16.5331,-46.1789,-61.3152,-69.0158,-67.8138,-66.7454,-61.7884,-54.075,-59.9005,-54.4324,-55.6099,-40.5182,-41.2063,-44.8954,-60.0306,-61.2529,-59.5748,-58.1724,-36.2754,0.0,-23.1294,-24.6528,-19.6707,11.3756,39.5423,45.5234,45.5145,52.0873,0.0,-4.7067,-10.6535,-50.2504,-47.1578,-46.2751,-52.6515,0.0,15.394,0.0,-2.4511,-18.7676,4.6324,-10.9833,-63.4219],"intensity":[93.5484,65.625,75.7576,55.8824,91.4286,100.0,81.0811,97.3684,61.5385,57.5,95.122,95.2381,100.0,56.8182,17.7778,8.6957,70.2128,4.1667,12.2449,32.0,5.8824,57.6923,1.9231,92.3077,42.3077,3.8462,5.7692,34.6154,25.0,19.2308,30.7692,17.3077,46.1538,36.5385,40.3846,7.6923,38.4615,17.3077,44.2308,25.0,88.4615,65.3846,30.7692,42.3077,36.5385,44.2308,5.7692,28.8462,15.3846,30.7692,11.5385,94.2308],"confirmation":[54.2954,77.6786,86.4977,7.0647,55.3134,91.8632,33.7697,84.5794,74.8358,49.3361,83.7495,91.0119,92.4274,34.2522,79.5071,81.9401,84.4066,82.0021,31.5667,85.2377,31.2942,76.7212,79.1926,86.8563,78.2998,54.0142,78.0782,52.2086,27.8225,77.526,76.6435,49.5509,75.2627,81.8445,78.7367,77.1466,80.4701,29.7543,51.1592,74.6572,89.0018,30.9971,79.6284,86.0572,7.4777,29.3957,25.3778,26.4808,78.2883,52.8094,73.5341,89.4649],"persistence":[75.0,75.0,75.0,62.5,37.5,37.5,12.5,12.5,12.5,12.5,37.5,50.0,50.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,62.5,37.5,12.5,12.5,25.0,37.5,37.5,37.5,12.5,12.5,37.5,62.5,75.0,62.5,50.0,50.0,50.0,25.0,25.0,0.0],"assessmentRisk":[6.9283,32.8606,6.2344,6.7297,35.7182,12.6629,16.3569,17.4091,13.7137,40.7903,24.3053,12.2741,12.3901,37.9012,30.3431,19.1066,7.9192,10.8599,23.2133,10.072,4.3395,2.5288,8.5939,19.2513,32.7663,35.4513,33.2438,4.9367,38.4473,37.5614,27.4016,8.4764,25.7683,28.2397,32.7728,35.152,30.0219,39.4818,26.9699,36.3385,17.6835,41.0467,30.8746,21.7564,2.3792,0.6521,9.4897,46.4818,19.2848,5.9223,1.4854,16.3577],"volumeParticipation":true,"latest":{"consensus":-66.5,"control":-65.7,"force":-72.1,"direction":-63.4,"confirmation":89.5,"persistence":0.0,"assessmentRisk":16.4,"intensity":94.2,"evidenceDepth":100},"analysis":{"status":"Market 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":"-66.5","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-65.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-72.1","detail":"Downward 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