{"schema_version":"1.0","name":"CBXL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b4eca0cd-b12d-4b4d-80d0-f448a4c3b423","symbol":"CBXL","name":"Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF","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 strengthened across the recent completed path. 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, Range position and boundary pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Drawdown and recovery 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":45,"displayedObservations":45,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Positive support; price rotational","headline":"Market Dynamics is positive while price has no clear direction","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","take":"The underlying condition is constructive, but a positive price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.079741,-0.004672,0.093061,0.191079,0.252588,0.223242,0.181393,0.115271,0.019759,-0.000421,-0.015726,0.006829,0.08201,0.108843,0.161668,0.16013,0.24674],"opens":[20.498,20.55,20.735,20.475,20.435,20.2253,19.9092,20.0201,19.9252,19.7402,19.9002,19.7702,19.95,20.0052,19.86,19.98,19.9552],"highs":[20.565,20.735,20.735,20.51,20.435,20.2253,19.92,20.0201,19.9252,19.8102,19.9002,19.965,20.0802,20.0052,20.0152,19.98,20.8202],"lows":[20.4202,20.55,20.58,20.415,20.315,19.7959,19.85,19.83,19.7252,19.6662,19.7652,19.7702,19.95,19.8552,19.86,19.8452,19.9552],"closes":[20.565,20.655,20.58,20.415,20.3157,19.7959,19.9101,19.8652,19.7451,19.8102,19.9002,19.9102,19.95,19.8552,20.0152,19.8452,20.8202],"hoverRows":[[{"label":"Open","value":"20.5","className":"is-ohlc","compact":true},{"label":"High","value":"20.6","className":"is-ohlc","compact":true},{"label":"Low","value":"20.4","className":"is-ohlc","compact":true},{"label":"Close","value":"20.6","className":"is-ohlc","compact":true},{"label":"Market 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conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":17,"summary":"More completed weekly history is needed for a dependable ticker-level 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Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"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":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+72.1","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+67.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+83.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+69.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"91/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"59.2","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.5%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"24.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"100%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}