How about this?
sh - warrant
$3 - $1
$5 - $1 ($1 to buy sh @ $4)
$6 - $2 (both for a double)
$7 - $3
$8 - $4
$9 - $5 (sh triple, w X5)
$10 - $6
$12 - $8 (sh X 4, w X 8)
$15 - $11 (sh X 5, w X 11)
$18 - $14 (sh X 6, w X 13)
$30 - $26 (etc)
So, if say $14 warrant, redeems for one $4 share, then sells at $18/sh, that's a $13 dollar profit if you paid $1/warrant.
To get this warrant party started, the stock has to go approximately for a double from here, before the warrants are in the money.
I think it amplifies going up by maybe twice with a sweet spot around $5 or $6 where maybe it's a triple instead of a double for the stock. If the stock price goes lower, and cannot break above $4, than of course the warrants will become worthless over time.
That's how I see it.
GL