Sea Level
To find the MOD for a nitrox mix, first take the PPO2 maximum you want (usually 1.4) and divide by the percentage of oxygen in your mix. For example, for Nitrox 32, 1.4/.32 = 4.375. That is the ambient pressure (ATA) for your maximum depth.
To convert ambient pressure to depth in feet, first subtract the atmospheric pressure. At sea level, that is 1.0 ATA. That gives you 3.375.
Now multiply it by the depth of water equaling 1.0 ATA. In the ocean, that is 33 feet. Your total is 111 feet, the MOD for Nitrox 32 at sea level.
Altitude
Now let's do the same calculations for Lake Tahoe, where the atmospheric pressure is about 0.8 ATA.
Dividing 1.4 by .32 yields the same result: 4.375. This time, though, we will subtract only 0.8 for the atmosphere, giving us 3.575.
Fresh water needs 34 feet to equal 1.0 ATA, so we multiply that total by 34, giving us 122 feet for our maximum operating depth.