What is the purpose of the red circle in the image?
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The arrow indicates the air intake direction. It seems like this thing isn’t very useful; a pressure relief valve would suffice, wouldn’t it?
It broke after being taken apart; P, this must be a design that leads to waste of money: lol
It should be a gas lock valve, used to maintain the valve position.
The one enclosed in a red circle is the lock valve, which is used to maintain position when the air supply pressure is low