Originally Posted by
Looigi
Many calipers have a small screw on the top of the inner arm that limits how far the calipers will open. It's sometimes called the "centering screw" but it has more of an effect on how far the calipers will open. It's on the top right of the caliper below, above the A in ULTEGRA:
That screw won't help with lever travel is the cable is too slack.