{"schema_version":"1.0","name":"CBTY Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a164bdc7-9bba-4b39-b467-864490821d4a","symbol":"CBTY","name":"Calamos Bitcoin 80 Series Structured Alt Protection ETF July","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 contracted 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, Range position and boundary pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, 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":59,"displayedObservations":59,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. Price has not yet established a clear direction.","evidenceAlignment":{"status":"Support weakening","headline":"Positive Market Dynamics has weakened while price remains rotational","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. Price has not yet established a clear direction.","take":"Treat the weaker support as caution until price and Market Dynamics establish clearer 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agreement.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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 accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 0.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 3.3 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 2.9% across 2 completed cases, with the largest move arriving after 10.5 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":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[25.6233,25.5333,25.4342,25.0794,25.5279,25.5744,25.5951,24.7089,25.1644,25.8268,25.6018,24.8832,26.4676,25.7805,24.5913,24.986,24.9044,24.1697,23.0292,21.9518,22.5496,22.3527,22.4302,22.1699,22.0048,22.219,22.262,22.93,22.0268,21.32,20.14,20.0074,19.87,19.75,19.9539,20.07,19.97,19.7398,19.6834,19.8345,20.11,20.0299,19.965,20.0385,19.8693,19.6236,19.57,19.53,19.5399,19.5,19.53,19.5614,19.61,19.6802,19.7852,19.5641,19.9155,19.555,21.3455],"consensus":[96.5,-67.6479,-40.471,-56.7921,0.0,0.0,11.6426,-53.053,0.0,40.149,0.0,-39.1094,60.3349,-26.5189,-59.8587,0.0,-26.6784,-42.0979,-69.5397,-75.1645,-13.0545,-39.0824,-39.8198,-31.1073,-47.8176,-9.4813,-30.4617,29.1769,-48.3604,-61.6662,-72.3777,-42.5908,-48.7394,-51.409,-22.6994,-20.3875,-36.9631,-43.5669,-39.7272,-9.5634,11.8145,-8.8654,0.0,0.0,-36.5232,-44.2272,-32.7759,-32.9478,-10.191,-32.7094,-17.3658,0.0,8.6077,18.8216,18.8626,-28.2025,45.9238,-35.467,75.6592],"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":[-57.2426,0.0,45.1771,0.0,-51.2582,59.759,-27.8583,-48.8798,0.0,-21.6019,-40.2374,-75.2024,-76.6963,-6.6913,-30.7015,-46.1183,-30.592,-55.8478,-10.8158,-37.7813,20.7988,-54.1344,-59.7814,-71.9744,-38.1712,-48.6999,-55.0045,-28.7512,-26.4499,-49.5439,-60.0129,-50.1376,-3.4607,11.3956,-18.5806,0.0,0.0,-44.8728,-58.3988,-39.689,-37.5061,-1.4189,-48.0368,-27.279,0.0,3.8173,11.8711,7.9984,-41.7919,49.8271,-50.7148,70.707],"force":[-62.7023,0.0,50.5992,0.0,-47.0049,60.1241,-74.2706,-84.7235,0.0,-23.4496,-34.5518,-73.5731,-83.4123,-25.5089,-20.4702,-13.7689,-25.325,-29.9079,-32.1907,-13.936,70.1787,-67.8198,-78.3681,-85.4367,-18.8674,-26.1796,-27.838,-18.6168,-9.0584,-24.0347,-28.05,-19.6759,-16.8943,42.3175,-0.9708,0.0,0.0,-43.2801,-35.4637,-19.3126,-20.2638,-5.5406,-20.1183,-2.8038,0.0,27.8322,37.9285,26.8238,-40.3385,49.5078,-44.5142,86.8585],"direction":[-41.3725,0.0,26.9383,0.0,-19.5855,61.1435,-9.1202,-54.6454,0.0,-34.7863,-49.6143,-60.1872,-67.5226,-63.1666,-61.9552,-51.2293,-35.8264,-51.433,-37.7219,-33.9006,9.4649,-27.8619,-51.8904,-63.5108,-64.5871,-64.8986,-64.1364,-45.2946,-34.4917,-31.8194,-35.8549,-42.1519,-35.4361,9.4946,-4.788,0.0,0.0,-22.1545,-34.2907,-34.492,-36.7985,-31.4532,-24.1861,-16.4379,0.0,0.3506,13.1173,25.5922,-4.0033,38.903,-11.5787,73.3195],"intensity":[100.0,50.0,77.7778,40.0,81.8182,100.0,69.2308,92.8571,40.0,18.75,88.2353,88.8889,89.4737,50.0,4.7619,50.0,56.5217,4.1667,8.0,42.3077,66.6667,82.1429,75.8621,90.0,54.8387,6.25,3.0303,20.5882,5.7143,2.7778,18.9189,13.1579,7.6923,32.5,4.878,23.8095,27.907,11.3636,48.8889,2.1739,6.383,2.0833,2.0408,2.0,1.9608,48.0769,23.0769,50.0,34.6154,48.0769,50.0,100.0],"confirmation":[85.2072,27.9658,81.0896,49.5523,80.5705,87.3095,34.5332,88.0799,3.7857,76.516,81.2697,90.2893,92.2807,10.1725,80.0669,79.8524,77.786,82.6335,31.2777,77.1326,78.7139,83.9804,88.2709,91.565,80.9734,82.9097,83.6778,32.5507,30.1333,79.2425,81.2179,79.943,5.9511,29.4088,25.2629,24.6356,24.9955,79.7661,81.6697,77.9726,78.0873,26.764,77.8497,50.2955,4.1214,26.08,74.7111,51.7775,54.5209,82.7454,79.3928,92.6277],"persistence":[25.0,37.5,12.5,0.0,0.0,12.5,0.0,25.0,12.5,25.0,50.0,62.5,62.5,87.5,87.5,87.5,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,62.5,50.0,50.0,50.0,50.0,50.0,75.0,75.0,87.5,87.5,62.5,37.5,12.5,12.5,12.5,12.5,37.5],"assessmentRisk":[10.994,36.207,5.6324,4.4139,37.7631,18.2377,9.6541,14.4571,6.9906,35.3685,27.7426,13.4453,12.3618,43.1502,29.3956,12.7623,29.4067,6.9717,6.8051,0.8043,29.4618,26.1281,14.9348,13.711,28.7013,25.6085,24.1818,7.24,16.7005,28.7879,20.7177,6.2484,18.2845,9.9337,36.6753,32.9799,45.767,27.7764,27.2585,32.9385,33.4354,44.0239,19.2864,6.5323,9.2198,21.9658,38.7697,40.0741,15.3283,25.4322,13.4469,11.9653],"volumeParticipation":true,"latest":{"consensus":75.7,"control":70.7,"force":86.9,"direction":73.3,"confirmation":92.6,"persistence":37.5,"assessmentRisk":12.0,"intensity":100.0,"evidenceDepth":100},"analysis":{"status":"Market 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.0043,0.023,-0.0575,-0.0884,-0.1181,-0.1987,-0.3505,-0.5514,-0.6548,-0.7441,-0.7994,-0.8544,-0.9009,-0.9099,-0.9033,-0.8344,-0.8431,-0.8966,-1.0224,-1.12,-1.1946,-1.249,-1.2611,-1.247,-1.2297,-1.2205,-1.2039,-1.1651,-1.0994,-1.0419,-0.99,-0.9323,-0.89,-0.8662,-0.842,-0.8167,-0.7867,-0.7575,-0.7235,-0.6862,-0.6452,-0.6002,-0.5497,-0.5215,-0.4654,-0.4449,-0.281],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.041,-0.0725,-0.1281,-0.2128,-0.3012,-0.3898,-0.4717,-0.5482,-0.6187,-0.677,-0.7222,-0.7447,-0.7644,-0.7908,-0.8371,-0.8937,-0.9539,-1.0129,-1.0625,-1.0994,-1.1255,-1.1445,-1.1564,-1.1581,-1.1464,-1.1255,-1.0984,-1.0652,-1.0301,-0.9973,-0.9663,-0.9364,-0.9064,-0.8766,-0.846,-0.814,-0.7803,-0.7443,-0.7053,-0.6686,-0.6279,-0.5913,-0.5293],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.0771,-0.1261,-0.2224,-0.3386,-0.3536,-0.3543,-0.3277,-0.3061,-0.2821,-0.233,-0.181,-0.0898,-0.0787,-0.1058,-0.1853,-0.2263,-0.2407,-0.2361,-0.1986,-0.1476,-0.1042,-0.076,-0.0475,-0.007,0.0469,0.0836,0.1083,0.1329,0.1402,0.1311,0.1242,0.1197,0.1197,0.1192,0.1225,0.1279,0.1351,0.1441,0.1557,0.1471,0.1625,0.1464,0.2483],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-07-11","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"]},{"key":"drawdown","eyebrow":"Path 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