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The amount of pad movement for a given amount of lever is dependent on the size of the cylinders in the lever and caliper respectively - so modulation in that sense is fixed.
Free stroke is the amount of lever movement that occurs before pad contact on the rotor (think your barrel adjuster or cam on a traditional caliper) and is adjustable on some brands, not on others. Sram road hydro doesn't to my knowledge though you can partially hack it by overfilling the system (do at your own risk). The latest shimano road stuff does have free stroke adjustment so you can tune the initial contact point to your liking.
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