{"schema_version":"1.0","name":"CBTA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ad77a68b-3cda-471b-9ca9-246cea8d7f90","symbol":"CBTA","name":"Calamos Bitcoin 80 Series Structured Alt Protection ETF April","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover."},{"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":72,"displayedObservations":72,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.498973,-0.697912,-0.82674,-1.022775,-1.245658,-1.457972,-1.546434,-1.52381,-1.507702,-1.391971,-1.29332,-1.226029,-0.939501,-0.808049,-0.765264,-0.85739,-1.228566,-1.491608,-1.709733,-1.728703,-1.550994,-1.555055,-1.596784,-1.631047,-1.53905,-1.169394,-0.817142,-0.35893,-0.117881,0.019375,0.145984,0.147425,0.139483,0.041333,0.007848,-0.110148,-0.164118,-0.115457,-0.157238,-0.16595,-0.156524,-0.250246,-0.284258,-0.131822],"opens":[31.52497,32.397756,31.039307,31.029294,28.977197,27.113457,27.222506,28.316957,28.11,28.4156,27.6493,29.453,28.8357,28.3195,27.7357,25.2399,22.8,22.23,21.3037,22.38,22.32,23.52,22.46,21.0767,21.81,22.22,22.615,22.8601,23.2,23.42,22.85,22.98,22.07,20.8047,21.43,21.05,20.24,20.55,20.572,21.1448,21.14,20.9458,20.9,20.96],"highs":[31.661479,32.565889,31.288929,31.153412,28.977197,28.309522,28.909587,29.001386,28.11,29.02,28.35,29.453,30.462,28.65,28.2274,25.28,23.052,22.23,22.4055,23.53,22.79,23.6487,22.72,21.4693,22.3,22.93,23.0729,23.1,23.46,23.57,23.053,22.98,22.1009,20.8549,21.43,21.06,20.52,20.93,21.11,21.3432,21.19,21.165,20.97,23.16],"lows":[31.060621,31.214181,29.918981,29.002477,26.781354,27.113457,26.89536,28.316957,27.0963,27.6792,27.6493,28.41,28.8357,27.84,26.6443,21.9666,21.823,21.82,21.24,22.0873,22.2584,22.348,20.94,21.04,21.4,22.22,22.5911,22.7075,23.2,23.1849,22.776,22.38,20.2947,20.555,20.69,20.1734,19.96,20.55,20.572,21.0252,20.77,20.9458,20.74,20.96],"closes":[31.638975,31.756748,30.713153,29.002477,26.82537,28.309522,28.05187,28.4267,27.8554,27.728,28.3078,28.4766,29.9437,28.3035,26.6443,23.0443,22.4974,22.0692,21.4793,22.0873,22.745,22.348,21.0025,21.0703,22.3,22.84,22.965,23.0975,23.3799,23.1849,22.776,22.4452,20.2947,20.8549,20.78,20.2423,20.4829,20.9021,20.9307,21.0252,20.7729,21.165,20.74,23.0765],"hoverRows":[[{"label":"Open","value":"31.5","className":"is-ohlc","compact":true},{"label":"High","value":"31.7","className":"is-ohlc","compact":true},{"label":"Low","value":"31.1","className":"is-ohlc","compact":true},{"label":"Close","value":"31.6","className":"is-ohlc","compact":true},{"label":"Market 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The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":100.0,"averageReturn":-15.9,"sample":4},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"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 -15.9% across 4 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 50.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 4.7 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 17.7% across 4 completed cases, with the largest move arriving after 11.0 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 history."},"events":{"positioning_recoveries":[{"date":"2026-05-15","price":23.1849}],"reversal_warnings":[{"date":"2025-10-24","price":31.638975}],"reversal_dangers":[{"date":"2025-10-31","price":31.756748}]}},"smTape":{"available":true,"dates":["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":[25.9488,26.2733,27.7428,28.0174,29.0477,29.3382,29.6731,29.7413,29.3166,29.5139,29.4876,30.2589,30.6704,31.9564,31.8478,31.6598,31.3155,31.994,31.9783,32.2352,31.3188,31.8732,32.6,32.4519,31.4525,33.1097,32.3868,30.7917,31.639,31.7567,30.7132,29.0025,26.8254,28.3095,28.0519,28.4267,27.8554,27.728,28.3078,28.4766,29.9437,28.3035,26.6443,23.0443,22.4974,22.0692,21.4793,22.0873,22.745,22.348,21.0025,21.0703,22.3,22.84,22.965,23.0975,23.3799,23.1849,22.776,22.4452,20.2947,20.8549,20.78,20.2423,20.4829,20.9021,20.9307,21.0252,20.7729,21.165,20.74,23.0765],"consensus":[89.5485,16.0715,100.0,40.2012,76.4317,57.2108,48.1785,32.2565,14.7429,20.2801,9.2713,61.9039,58.9763,79.3983,29.5534,29.2451,0.0,51.0424,12.6266,47.1534,-15.1188,36.2201,61.1827,16.938,-25.0938,59.5815,-15.2308,-61.8576,22.9043,-12.4316,-44.7026,-72.1083,-84.4838,0.0,-34.2003,-28.7417,-22.2198,-43.0916,8.1085,-20.3783,46.8335,-21.4333,-69.5743,-76.8156,-48.1593,-46.784,-55.8461,-34.6067,0.0,-44.0658,-60.9275,-43.0254,12.4774,18.4104,13.7984,21.7933,22.278,-13.8594,-25.3598,-33.1833,-74.4103,-12.3054,-45.2963,-57.3158,0.0,11.965,0.0,-11.5413,-29.5889,20.3412,-33.9139,-65.2862],"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":[-21.8279,52.6641,67.0047,17.694,-34.7613,69.9143,-21.6569,-53.5304,29.0328,-4.0186,-35.3887,-72.0865,-87.6105,0.0,-22.0879,-29.465,-29.4916,-45.6273,13.2612,-26.1745,44.1569,-31.0325,-69.987,-75.0639,-43.5814,-38.5961,-55.5562,-46.8101,0.0,-60.2744,-74.7409,-49.6173,16.7493,15.1509,7.7441,18.4809,17.7932,-24.9459,-39.0295,-41.4755,-80.8182,-2.2307,-50.6317,-64.7947,0.0,9.5417,0.0,-30.0625,-45.4977,25.6463,-49.468,-64.1591],"force":[-43.8273,30.4893,74.5143,7.964,-44.0436,57.3268,-44.1838,-93.9872,48.6197,-15.043,-55.2703,-83.5635,-94.2368,0.0,-11.9369,-2.3821,-2.7907,-32.5628,44.2675,-12.0793,68.3355,-19.8393,-90.0642,-90.2538,-22.9516,-23.568,-31.8069,-20.0791,0.0,-27.0034,-52.0903,-15.0184,70.6659,58.7179,27.6589,33.3743,28.4563,-29.9032,-25.6774,-32.9621,-91.3464,-18.2886,-30.5731,-50.7173,0.0,59.0161,0.0,-2.8667,-32.965,31.9374,-31.7059,-69.1274],"direction":[-13.0547,21.5204,45.0064,33.8613,-0.5098,49.3829,-12.7939,-48.4248,2.468,-20.181,-47.7987,-63.9509,-73.9439,0.0,-63.9455,-46.7433,-27.7871,-47.7143,23.6082,-19.6821,34.534,-11.6012,-54.467,-69.2188,-71.3968,-72.7246,-73.3482,-59.7212,0.0,-37.729,-51.4529,-55.4968,33.9682,6.6557,10.8171,17.3067,22.9904,-10.2709,-9.5104,-23.8645,-54.9896,-50.7711,-49.7152,-53.4817,0.0,18.8733,0.0,-3.4297,-8.996,5.995,-17.7149,-63.8306],"intensity":[60.0,33.3333,50.0,39.1304,66.6667,100.0,46.1538,100.0,57.1429,58.6207,83.3333,96.7742,100.0,87.8788,29.4118,82.8571,69.4444,51.3514,28.9474,66.6667,85.0,97.561,90.4762,100.0,97.7273,37.7778,21.7391,63.8298,35.4167,44.898,76.0,66.6667,65.3846,36.5385,9.6154,3.8462,15.3846,5.7692,21.1538,15.3846,94.2308,69.2308,25.0,19.2308,21.1538,32.6923,3.8462,15.3846,7.6923,13.4615,17.3077,98.0769],"confirmation":[31.0624,79.1652,87.896,51.682,53.7936,86.8399,31.0544,88.9005,53.8795,49.5192,82.7688,91.4241,95.2844,35.694,78.4502,53.7163,51.7407,81.4298,31.3213,74.1798,83.6828,74.6638,90.8819,93.0172,82.7125,82.3881,85.1425,36.1718,10.6018,81.3341,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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":"-65.3","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-64.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-69.1","detail":"Downward 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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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,-1.428,-0.7646,-0.853,0.0,0.0,0.0,-0.34,-0.9282,-2.0056,0.0,-0.049,0.0,-2.8429,-1.1228,0.0,-0.4543,-3.5199,0.0,-2.1836,-7.0012,-4.4421,-4.0864,-7.2383,-12.405,-18.9804,-14.4979,-15.2761,-14.144,-15.8695,-16.2543,-14.5031,-13.9933,-9.5623,-14.5161,-19.5273,-30.4002,-32.052,-33.3453,-35.127,-33.2906,-31.3042,-32.5033,-36.567,-36.3622,-32.6482,-31.0173,-30.6398,-30.2396,-29.3866,-29.9756,-31.2106,-32.2097,-38.7048,-37.0128,-37.239,-38.863,-38.1363,-36.8702,-36.7839,-36.4985,-37.2605,-36.0762,-37.3598,-30.303],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,14.6154,12.9787,13.739,13.6377,16.61,18.1958,23.1517,22.733,22.0086,20.6818,23.2965,23.2361,24.226,20.6944,22.8312,25.6319,25.0611,21.2098,27.5963,23.2687,10.9899,12.9263,9.3263,4.7636,0.0,0.0,5.5326,4.5722,5.9695,3.8398,3.3648,5.5262,6.1555,11.6246,5.5102,0.0,0.0,0.0,0.0,0.0,2.8306,5.8927,4.0444,0.0,0.3228,6.1778,8.749,9.3441,9.975,11.3196,10.3911,8.4442,6.8692,0.0,2.7603,2.3913,0.0,1.1886,3.2595,3.4008,3.8676,2.6212,4.5583,2.4587,14.0014],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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