Max Offset is the distance from the start point to the start of the first pass on the cut. If the cut cycle is Multi-Pass Inside, then the Max Offset will be to the inside of the shape by the specified amount. If the cycle is Multi-Pass Outside, then the Max Offset will be from the start point to the outside of the shape by the Max Offset amount.
This is only the distance for the first cut. All subsequent cuts will be determined by either XY Step or Last Offset.
Max. Offset on Multi-Pass Outside tool path.
Max. Offset on Multi-Pass Inside tool path.