{"schema_version":"1.0","name":"CBTL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ca7223ce-f0ab-4a1f-b6b5-47241924ec02","symbol":"CBTL","name":"Calamos Laddered Bitcoin 80 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 contracted across the recent completed path. Price remains elevated in the distribution zone.","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, Acceleration, deceleration and rollover, Drawdown and recovery pressure, 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":45,"displayedObservations":45,"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 remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","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":[0.194119,0.342633,0.434754,0.477159,0.464123,0.408912,0.260309,0.129,-0.06373,-0.247927,-0.115013,0.018528,0.171096,0.17702,0.053985,-0.053153,0.037329],"opens":[18.76,18.84,19.01,18.64,18.58,18.19,17.69,17.86,17.78,17.44,17.52,17.53,17.72,17.7701,17.69,17.72,17.64],"highs":[18.82,19.12,19.08,18.65,18.66,18.2,17.7,17.87,17.8,17.55,17.75,17.84,17.98,17.795,17.8,17.79,19.011],"lows":[18.5401,18.83,18.791,18.4993,18.281,17.445,17.575,17.615,17.3851,17.27,17.44,17.4799,17.68,17.5783,17.64,17.5501,17.615],"closes":[18.78,18.915,18.791,18.4993,18.3098,17.4914,17.655,17.615,17.4142,17.5098,17.6652,17.6801,17.73,17.5783,17.8,17.5501,18.97],"hoverRows":[[{"label":"Open","value":"18.8","className":"is-ohlc","compact":true},{"label":"High","value":"18.8","className":"is-ohlc","compact":true},{"label":"Low","value":"18.5","className":"is-ohlc","compact":true},{"label":"Close","value":"18.8","className":"is-ohlc","compact":true},{"label":"Market 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easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.7","className":"is-ohlc","compact":true},{"label":"High","value":"17.8","className":"is-ohlc","compact":true},{"label":"Low","value":"17.6","className":"is-ohlc","compact":true},{"label":"Close","value":"17.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.05","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.6","className":"is-ohlc","compact":true},{"label":"High","value":"19.0","className":"is-ohlc","compact":true},{"label":"Low","value":"17.6","className":"is-ohlc","compact":true},{"label":"Close","value":"19.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[17.320852,19.063348],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.037329,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"weakening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","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 in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","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":"Not confirming","detail":"Market Dynamics has weakened over four weeks and now lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":17,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[23.5576,24.0625,24.0302,23.2417,21.9803,20.7159,21.4491,21.2233,21.3123,20.9939,20.8792,21.1694,21.2518,22.0575,21.0544,20.1316,18.626,18.4128,18.255,18.0202,18.2893,18.555,18.4031,17.9398,17.9643,18.406,18.7611,18.7515,18.78,18.915,18.791,18.4993,18.3098,17.4914,17.655,17.615,17.4142,17.5098,17.6652,17.6801,17.73,17.5783,17.8,17.5501,18.97],"consensus":[-100.0,0.0,-13.7107,0.0,-65.2278,-65.9459,-12.6662,-35.4695,-34.8608,-21.5703,-39.587,0.0,-21.3754,39.6295,-34.2969,-65.1518,-68.2851,-40.8384,-36.1613,-51.9298,-26.9251,-15.0792,-32.9482,-49.479,-32.3963,0.0,21.8783,0.0,13.9338,10.8617,-16.4639,-32.2008,-35.7091,-69.6795,-23.2364,-44.1564,-49.2752,0.0,0.0,0.0,0.0,-29.7742,19.6598,-34.4372,71.8886],"supportDates":["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":[null,null,null,null,null,-72.8283,-10.7414,-23.1705,-39.3013,-18.269,-41.435,0.0,-28.7008,27.7469,-34.3365,-59.8012,-65.8316,-36.0106,-28.5773,-49.611,-30.6163,-19.8519,-45.2154,-64.8463,-39.2969,0.0,19.4193,0.0,9.0541,0.0985,-27.1642,-45.1197,-42.5338,-72.6476,-17.334,-52.6821,-57.7168,0.0,0.0,0.0,0.0,-45.7793,24.4444,-48.1646,63.6422],"force":[-100.0,0.0,-13.7107,0.0,-46.8096,-45.9332,-18.1967,-20.092,-13.7111,-16.108,-26.786,0.0,-8.6958,73.7311,-53.9063,-81.7949,-83.438,-18.7031,-10.927,-40.1779,-5.3974,-14.1042,-18.2824,-41.2114,-9.482,0.0,53.0544,0.0,19.5717,16.8369,-27.0226,-33.8237,-36.9227,-91.92,-0.342,-28.8216,-37.4809,0.0,0.0,0.0,0.0,-28.8769,31.7163,-34.4847,95.5171],"direction":[null,null,null,null,-78.3836,-72.375,-61.4628,-60.5094,-44.8929,-29.245,-46.6186,0.0,-22.0603,28.8513,-20.2449,-59.3787,-60.2656,-62.1667,-62.8532,-62.9742,-45.7939,-30.4699,-29.4042,-37.8219,-40.8772,0.0,2.4199,0.0,15.4835,19.1196,-3.3069,-16.2771,-27.0427,-50.4014,-46.8237,-45.3661,-48.0521,0.0,0.0,0.0,0.0,-12.1236,5.5799,-18.7149,64.4355],"intensity":[null,null,null,null,100.0,100.0,50.0,28.5714,37.5,66.6667,10.0,27.2727,41.6667,76.9231,85.7143,73.3333,100.0,64.7059,27.7778,10.5263,35.0,14.2857,4.5455,43.4783,37.5,44.0,42.3077,14.8148,3.5714,31.0345,6.6667,51.6129,15.625,78.7879,58.8235,11.4286,19.4444,24.3243,15.7895,2.5641,20.0,14.6341,26.1905,32.5581,95.4545],"confirmation":[54.6667,2.0034,27.0541,0.3078,65.3642,88.3879,32.3094,79.069,78.4432,74.7863,80.2496,5.4713,74.3421,81.9018,79.572,89.4373,90.3504,80.4672,78.9181,84.2947,54.0595,29.5388,77.9095,83.3472,77.5633,31.2859,53.322,48.0091,72.705,49.1792,51.466,78.1568,79.3599,90.93,52.2133,81.5328,83.28,5.0884,6.1034,25.9847,25.6445,77.2565,51.919,78.8122,91.8501],"persistence":[null,null,66.6667,50.0,60.0,66.6667,71.4286,75.0,75.0,87.5,87.5,87.5,87.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,75.0,100.0,100.0,100.0,100.0,87.5,62.5,50.0,25.0,0.0,0.0,0.0,0.0,12.5,37.5,50.0,75.0,87.5,75.0,62.5,50.0,50.0,25.0,25.0,0.0],"assessmentRisk":[null,null,null,null,16.4321,17.02,43.5063,31.826,19.3469,30.4277,15.8831,1.5467,5.725,26.687,30.2161,12.9779,15.7744,29.5781,31.9053,23.9726,12.3359,19.193,28.6046,18.0978,8.924,15.4708,17.1754,42.4905,39.8706,42.776,14.2071,21.4095,29.6714,15.1428,38.2953,27.5164,25.0917,6.5878,0.3558,15.437,44.9308,28.0366,13.8986,5.5285,13.5132],"volumeParticipation":true,"latest":{"consensus":71.9,"control":63.6,"force":95.5,"direction":64.4,"confirmation":91.9,"persistence":0.0,"assessmentRisk":13.5,"intensity":95.5,"evidenceDepth":100},"analysis":{"status":"Market 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":"+71.9","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+63.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+95.5","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+64.4","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"92/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"58.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"27.0","detail":"Directional","tone":"positive"},{"label":"Range position","value":"92%","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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impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of 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CBTL Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/ca7223ce-f0ab-4a1f-b6b5-47241924ec02/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}