In this text 4x leverage is mentioned:
"ITM call options have a strike (X) below spot price (S). ITM call option position is determined by aiming for ~4x leverage. The position size is set at 33%." Page 6, https://planbtc.com/20220807QuantInvesting101.pdf
But when I go to execute the trade, I see no leverage selection. I can only select position size and strike price, and position size is set, in the example, at a fixed 33% of portfolio.
How do I achieve 4x leverage by manipulating the strike price? How do I calculate the relationships between strike price and leverage? Otherwise, what am I misunderstanding?