In Options, How Is the Leverage Calculated without a Formal Margin Account Structure?

Options leverage is calculated by dividing the percentage change in the option's price by the percentage change in the underlying asset's price. This is often approximated by the option's Delta multiplied by the ratio of the underlying asset price to the option price.

Since the premium is small relative to the asset value, the percentage change in the option price is highly magnified, demonstrating high leverage.