How is Max Leverage calculated for stocks?

My order amount has been under the total equity, but the leverage shows as high as 4x. How is this max leverage calculated?


Leverage is: total notional $ value of position controlled divided by dollar-value of Model Account.

So in the case of stock, it has always been less than the model account, except for one or two trades. Why is the leverage 2+, then? The graph above shows that the notional trade values are always less than the model account value.

Maybe you’ve traded leveraged etfs ?

To confirm @matesee, you traded symbol SQQQ which is 3x levered product.

How does that matters? My risk is still the same whether a regular stock goes down 10% or leveraged ETF goes down 10%. The amount of money at risk is the same. By this logic, A 25k option account, buying 30 Tesla calls@$7 when stock is at $100, should have the leverage of 300000/25000 = 12.