Hope Moto V2 adjusting?

As a new recipient of some Hope Moto V2 brakes, I’m terribly excited. But not to see even after a few squeezes, the levers still touch the handlebars. How can I get them to sit further out so to speak? With a few quick pumps they grab the disc at a reasonable distance but that’s obviously not right. I know I can adjust the distance the lever sits from the bars but what about the actual bite point if that’s the correct term? The manual didn’t seem to be much help unless I missed something. I thought it would auto adjust to somewhere sensible, not auto adjust all the way to the handlebars. I presume there is enough oil in there and they’re properly bled etc?
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But what is the big red dial?
Parktools :?:SheldonBrown
well i realise they need to bed in but touching the bars already surely can't be good. was thinking about the red dial and nudged it a bit but as i said the manual is not all that helpful. i'll give another look at the red dial tonight.
Parktools :?:SheldonBrown
They take a while to sort themselves out but after about 10 miles worth of braking/riding the levers don't feel as spongy - it's a new brake thing.
oh btw the brakes are part of a 2007 marin quake 7.3...
Nice one!