This study aims to examine Ahmet Oktay’s work, Dr. Kaligari’nin Dönüşü (Dr. Caligari’s Return), a single poem narrating a woman’s existential tragedy, using a text-centered approach. The analysis employs structuralist semiotics’ methods based on the analysis of isotopies, codes, and oppositions, combined with Roland Barthes’ concepts of studium and punctum, developed in Camera Lucida. The text, consisting of a single poem the length of a book, places the reader in a fictional yet culturally legible context through scene fragments reminiscent of a clinical space, its unique object attention, and recording forms. This created context produces a discursive field that regulates the direction of the gaze and the position of the subject. The study examines how this cultural context is established through objects and people, with a focus on textual signs. On the other hand, the poem's decisive effect is created by highlighting certain details within its context. Numerical signs, date stamps, singular words, short, abrupt sentences, and urgent intervention expressions interrupt the flow of reading, creating moments of fixation within the text. These moments function as technical knots that cause the reader to perceive the text as “frozen frames”. The study aims to show how these focal points of fixation are linked to the text's deep structure through oppositions of inside/outside, subject/object, and flow/interruption. Therefore, it is argued that the existential tragedy of The Return of Dr. Caligari is constructed not only through its thematic content but also through the functioning of the text’s signifying order and the technical choices that shape its reading rhythm.