It's a reference to show the center of balance of the character, and with most exporters doesn't get exported. there are options to hide footsteps and what have you, and display bones.
I've been doing too much vehicle and environment stuff of late to recall well myself. But its all documented in the online reference if you have a newer version of max that includes Character studo
I've been doing too much vehicle and environment stuff of late to recall well myself. But its all documented in the online reference if you have a newer version of max that includes Character studo