{
  "ticker": {
    "uuid": "7d9e1941-019f-41da-808a-98812016e483",
    "symbol": "CBXJ",
    "name": "Calamos Bitcoin 90 Series Structured Alt Protection ETF January",
    "exchange": "CBOE",
    "country": "US",
    "assetType": "etf"
  },
  "methodBoundary": "The SM framework classifies the established weekly price path as the Core Trend. Faster and slower Trend views and Sharemaestro context describe that state but do not alter its direction.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "latest_close": 20.0552,
    "direction": "negative",
    "state": "Negative across all Trend views",
    "is_fresh": false,
    "is_near_boundary": false,
    "direction_boundary": 27.152921,
    "boundary_margin": -0.261398,
    "trend_agreement": "Fully aligned",
    "persistence": "Established",
    "direction_turnover": "Low",
    "annualized_volatility": 0.096815,
    "volatility_stability": 0.6474,
    "risk_context": 1.0329,
    "current_regime": {
      "move": -0.04088,
      "interruption": 0.056987,
      "interruption_label": "Largest rebound inside regime"
    },
    "research_priority": 100.0,
    "interpretation": {
      "label": "Negative across all Trend views",
      "headline": "All measured Trend views are negative",
      "body": "The faster, intermediate, established and Core Trend views point in the same direction, giving the current regime broad agreement.",
      "age_context": "The current Core Trend is established.",
      "boundary_context": "The latest close is 26.1% below the decision boundary.",
      "stability_context": "Recent Core Trend turnover is low."
    },
    "chart_path": [
      {
        "date": "2026-02-06",
        "close": 20.91,
        "direction_boundary": 24.444311,
        "core_momentum": -0.144586,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.20827
      },
      {
        "date": "2026-02-13",
        "close": 20.8427,
        "direction_boundary": 24.522914,
        "core_momentum": -0.150072,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.207686
      },
      {
        "date": "2026-02-20",
        "close": 20.7899,
        "direction_boundary": 24.44441,
        "core_momentum": -0.149503,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.207192
      },
      {
        "date": "2026-02-27",
        "close": 20.61,
        "direction_boundary": 23.692727,
        "core_momentum": -0.130113,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.204499
      },
      {
        "date": "2026-03-06",
        "close": 20.795,
        "direction_boundary": 23.924316,
        "core_momentum": -0.130801,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.202584
      },
      {
        "date": "2026-03-13",
        "close": 21.0,
        "direction_boundary": 23.688802,
        "core_momentum": -0.113505,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.19913
      },
      {
        "date": "2026-03-20",
        "close": 20.92,
        "direction_boundary": 23.614811,
        "core_momentum": -0.114115,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.199263
      },
      {
        "date": "2026-03-27",
        "close": 20.62,
        "direction_boundary": 23.640325,
        "core_momentum": -0.127762,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.19759
      },
      {
        "date": "2026-04-03",
        "close": 20.7025,
        "direction_boundary": 23.733844,
        "core_momentum": -0.127722,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.17286
      },
      {
        "date": "2026-04-10",
        "close": 21.1749,
        "direction_boundary": 23.718241,
        "core_momentum": -0.107231,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.178107
      },
      {
        "date": "2026-04-17",
        "close": 21.5361,
        "direction_boundary": 23.75347,
        "core_momentum": -0.093349,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.173551
      },
      {
        "date": "2026-04-24",
        "close": 21.55,
        "direction_boundary": 24.508195,
        "core_momentum": -0.120702,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.168547
      },
      {
        "date": "2026-05-01",
        "close": 21.6325,
        "direction_boundary": 24.650779,
        "core_momentum": -0.122442,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.169018
      },
      {
        "date": "2026-05-08",
        "close": 21.7845,
        "direction_boundary": 25.209831,
        "core_momentum": -0.135873,
        "direction": "negative",
        "trend_agreement": 0.75,
        "volatility": 0.166238
      },
      {
        "date": "2026-05-15",
        "close": 21.675,
        "direction_boundary": 25.35006,
        "core_momentum": -0.144972,
        "direction": "negative",
        "trend_agreement": 0.75,
        "volatility": 0.148719
      },
      {
        "date": "2026-05-22",
        "close": 21.3246,
        "direction_boundary": 25.725509,
        "core_momentum": -0.171072,
        "direction": "negative",
        "trend_agreement": 0.75,
        "volatility": 0.136657
      },
      {
        "date": "2026-05-29",
        "close": 21.0595,
        "direction_boundary": 25.580275,
        "core_momentum": -0.176729,
        "direction": "negative",
        "trend_agreement": 0.75,
        "volatility": 0.133902
      },
      {
        "date": "2026-06-05",
        "close": 20.03,
        "direction_boundary": 25.445247,
        "core_momentum": -0.21282,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.147993
      },
      {
        "date": "2026-06-12",
        "close": 20.1943,
        "direction_boundary": 25.554859,
        "core_momentum": -0.209767,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.149224
      },
      {
        "date": "2026-06-19",
        "close": 20.12,
        "direction_boundary": 25.497354,
        "core_momentum": -0.210899,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.148185
      },
      {
        "date": "2026-06-26",
        "close": 19.8696,
        "direction_boundary": 25.919612,
        "core_momentum": -0.233414,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.148372
      },
      {
        "date": "2026-07-03",
        "close": 19.97,
        "direction_boundary": 26.206154,
        "core_momentum": -0.237965,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.147812
      },
      {
        "date": "2026-07-10",
        "close": 20.1144,
        "direction_boundary": 27.113668,
        "core_momentum": -0.258145,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.148836
      },
      {
        "date": "2026-07-17",
        "close": 20.0846,
        "direction_boundary": 27.094729,
        "core_momentum": -0.258727,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.136775
      },
      {
        "date": "2026-07-24",
        "close": 20.0899,
        "direction_boundary": 26.941841,
        "core_momentum": -0.254323,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.115484
      },
      {
        "date": "2026-07-31",
        "close": 19.9249,
        "direction_boundary": 26.678556,
        "core_momentum": -0.253149,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.112406
      },
      {
        "date": "2026-08-07",
        "close": 20.0552,
        "direction_boundary": 27.152921,
        "core_momentum": -0.261398,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.096815
      }
    ],
    "price_history": [
      {
        "date": "2025-02-07",
        "close": 24.444311,
        "volume": 861958
      },
      {
        "date": "2025-02-14",
        "close": 24.522914,
        "volume": 327305
      },
      {
        "date": "2025-02-21",
        "close": 24.44441,
        "volume": 115792
      },
      {
        "date": "2025-02-28",
        "close": 23.692727,
        "volume": 143403
      },
      {
        "date": "2025-03-07",
        "close": 23.924316,
        "volume": 149876
      },
      {
        "date": "2025-03-14",
        "close": 23.688802,
        "volume": 100591
      },
      {
        "date": "2025-03-21",
        "close": 23.614811,
        "volume": 95321
      },
      {
        "date": "2025-03-28",
        "close": 23.640325,
        "volume": 26085
      },
      {
        "date": "2025-04-04",
        "close": 23.733844,
        "volume": 82375
      },
      {
        "date": "2025-04-11",
        "close": 23.718241,
        "volume": 151813
      },
      {
        "date": "2025-04-18",
        "close": 23.75347,
        "volume": 30938
      },
      {
        "date": "2025-04-25",
        "close": 24.508195,
        "volume": 66069
      },
      {
        "date": "2025-05-02",
        "close": 24.650779,
        "volume": 60191
      },
      {
        "date": "2025-05-09",
        "close": 25.209831,
        "volume": 40694
      },
      {
        "date": "2025-05-16",
        "close": 25.35006,
        "volume": 88835
      },
      {
        "date": "2025-05-23",
        "close": 25.725509,
        "volume": 71271
      },
      {
        "date": "2025-05-30",
        "close": 25.580275,
        "volume": 14905
      },
      {
        "date": "2025-06-06",
        "close": 25.445247,
        "volume": 28738
      },
      {
        "date": "2025-06-13",
        "close": 25.554859,
        "volume": 14827
      },
      {
        "date": "2025-06-20",
        "close": 25.497354,
        "volume": 10850
      },
      {
        "date": "2025-06-27",
        "close": 25.919612,
        "volume": 14852
      },
      {
        "date": "2025-07-04",
        "close": 26.206154,
        "volume": 16607
      },
      {
        "date": "2025-07-11",
        "close": 27.113668,
        "volume": 30705
      },
      {
        "date": "2025-07-18",
        "close": 27.094729,
        "volume": 40132
      },
      {
        "date": "2025-07-25",
        "close": 26.941841,
        "volume": 29946
      },
      {
        "date": "2025-08-01",
        "close": 26.678556,
        "volume": 16505
      },
      {
        "date": "2025-08-08",
        "close": 27.152921,
        "volume": 7479
      },
      {
        "date": "2025-08-15",
        "close": 27.230739,
        "volume": 7465
      },
      {
        "date": "2025-08-22",
        "close": 27.296781,
        "volume": 15859
      },
      {
        "date": "2025-08-29",
        "close": 26.395448,
        "volume": 90964
      },
      {
        "date": "2025-09-05",
        "close": 26.860196,
        "volume": 14474
      },
      {
        "date": "2025-09-12",
        "close": 27.482935,
        "volume": 10594
      },
      {
        "date": "2025-09-19",
        "close": 27.308753,
        "volume": 13002
      },
      {
        "date": "2025-09-26",
        "close": 26.535187,
        "volume": 13677
      },
      {
        "date": "2025-10-03",
        "close": 28.134328,
        "volume": 15372
      },
      {
        "date": "2025-10-10",
        "close": 27.441131,
        "volume": 30322
      },
      {
        "date": "2025-10-17",
        "close": 26.182701,
        "volume": 24841
      },
      {
        "date": "2025-10-24",
        "close": 26.779925,
        "volume": 5515
      },
      {
        "date": "2025-10-31",
        "close": 26.777178,
        "volume": 44439
      },
      {
        "date": "2025-11-07",
        "close": 25.897728,
        "volume": 72423
      },
      {
        "date": "2025-11-14",
        "close": 24.434498,
        "volume": 102788
      },
      {
        "date": "2025-11-21",
        "close": 23.306091,
        "volume": 45058
      },
      {
        "date": "2025-11-28",
        "close": 23.708428,
        "volume": 30805
      },
      {
        "date": "2025-12-05",
        "close": 23.477624,
        "volume": 52615
      },
      {
        "date": "2025-12-12",
        "close": 23.4311,
        "volume": 28695
      },
      {
        "date": "2025-12-19",
        "close": 23.0132,
        "volume": 21329
      },
      {
        "date": "2025-12-26",
        "close": 22.778,
        "volume": 18187
      },
      {
        "date": "2026-01-02",
        "close": 22.9719,
        "volume": 18608
      },
      {
        "date": "2026-01-09",
        "close": 22.84,
        "volume": 52501
      },
      {
        "date": "2026-01-16",
        "close": 23.6795,
        "volume": 34383
      },
      {
        "date": "2026-01-23",
        "close": 22.36,
        "volume": 27513
      },
      {
        "date": "2026-01-30",
        "close": 21.85,
        "volume": 24132
      },
      {
        "date": "2026-02-06",
        "close": 20.91,
        "volume": 96939
      },
      {
        "date": "2026-02-13",
        "close": 20.8427,
        "volume": 21936
      },
      {
        "date": "2026-02-20",
        "close": 20.7899,
        "volume": 25535
      },
      {
        "date": "2026-02-27",
        "close": 20.61,
        "volume": 22741
      },
      {
        "date": "2026-03-06",
        "close": 20.795,
        "volume": 18092
      },
      {
        "date": "2026-03-13",
        "close": 21.0,
        "volume": 41825
      },
      {
        "date": "2026-03-20",
        "close": 20.92,
        "volume": 14636
      },
      {
        "date": "2026-03-27",
        "close": 20.62,
        "volume": 7020
      },
      {
        "date": "2026-04-03",
        "close": 20.7025,
        "volume": 21937
      },
      {
        "date": "2026-04-10",
        "close": 21.1749,
        "volume": 53721
      },
      {
        "date": "2026-04-17",
        "close": 21.5361,
        "volume": 40261
      },
      {
        "date": "2026-04-24",
        "close": 21.55,
        "volume": 269077
      },
      {
        "date": "2026-05-01",
        "close": 21.6325,
        "volume": 73195
      },
      {
        "date": "2026-05-08",
        "close": 21.7845,
        "volume": 66924
      },
      {
        "date": "2026-05-15",
        "close": 21.675,
        "volume": 46786
      },
      {
        "date": "2026-05-22",
        "close": 21.3246,
        "volume": 38850
      },
      {
        "date": "2026-05-29",
        "close": 21.0595,
        "volume": 29559
      },
      {
        "date": "2026-06-05",
        "close": 20.03,
        "volume": 68906
      },
      {
        "date": "2026-06-12",
        "close": 20.1943,
        "volume": 16731
      },
      {
        "date": "2026-06-19",
        "close": 20.12,
        "volume": 27766
      },
      {
        "date": "2026-06-26",
        "close": 19.8696,
        "volume": 26747
      },
      {
        "date": "2026-07-03",
        "close": 19.97,
        "volume": 12845
      },
      {
        "date": "2026-07-10",
        "close": 20.1144,
        "volume": 46735
      },
      {
        "date": "2026-07-17",
        "close": 20.0846,
        "volume": 19318
      },
      {
        "date": "2026-07-24",
        "close": 20.0899,
        "volume": 24377
      },
      {
        "date": "2026-07-31",
        "close": 19.9249,
        "volume": 24501
      },
      {
        "date": "2026-08-07",
        "close": 20.0552,
        "volume": 29144
      }
    ],
    "sharemaestro_context": {
      "trend": 20.908987,
      "fair_value": 23.612167,
      "market_activity": -33.718789,
      "market_dynamics": -0.557988,
      "relative_strength": -22.180663
    },
    "historical_outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 6,
        "median_return": -0.003722,
        "directional_follow_through": 0.8333,
        "regime_survival": 1.0,
        "conditional_difference": -0.001463,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 1,
        "median_return": 0.041822,
        "directional_follow_through": 0.0,
        "regime_survival": 1.0,
        "conditional_difference": 0.079336,
        "sufficient": false
      },
      {
        "horizon": "Longer term",
        "sample_count": 1,
        "median_return": -0.04088,
        "directional_follow_through": 1.0,
        "regime_survival": 1.0,
        "conditional_difference": 0.0,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 0,
        "median_return": null,
        "directional_follow_through": null,
        "regime_survival": null,
        "conditional_difference": null,
        "sufficient": false
      }
    ],
    "regime_history": [
      {
        "direction": "negative",
        "start": "2026-02-06",
        "end": "2026-08-07",
        "tenure": "Extended",
        "return": -0.04088
      }
    ]
  }
}