I'd like some confirmation but from what I can determine your relief valve is missing a locknut.
There are two settings on that valve, low & high.
The High setting, which should be done first, is made by loosening the locknut and using the arrowed adjuster, referred to as "B" in the procedure.
The Low setting is made by loosening the thin locknut (arrowed red) that I think is missing on your valve, and an allen key in the end of the spindle.
Complete procedure below.
Note: Always adjust the HIGH setting before adjusting the LOW setting.
1. Connect a 50000 kPa (7250 psi) pressure gauge to pressure tap (B).
2. With the engine at HIGH IDLE, raise the bucket to maximum height.
3. Hold the lift control lever in the RAISE position and observe the pressure gauge reading.
4. With the tilt control lever in the HOLD position, the main relief valve should be at the HIGH setting.
5. With the tilt control lever in the TILT BACK position, the main relief valve should be at the LOW setting.
6. The correct HIGH pressure setting of the main relief valve is 24000 ± 350 kPa (3480 ± 50 psi) at a flow of 130 ± 6 L/min (34 ± 1.6 US gpm).
7. The correct LOW pressure setting of the main relief valve is 21400 ± 350 kPa (3100 ± 50 psi) at a flow of 130 ± 6 L/min (34 ± 1.6 US gpm).
8. If an adjustment is needed, the HIGH setting should always be adjusted before the LOW setting. After adjusting the HIGH setting, the LOW setting can be adjusted.
9. The HIGH setting of the relief valve can be changed by turning large adjustment screw (B) . One quarter turn of adjustment screw (B) changes the pressure setting by 1512 kPa (220 psi).
10. The LOW setting of the relief valve can be changed by turning small adjustment screw (C) . One quarter turn of adjustment screw (C) changes the pressure setting by 755 kPa (110 psi).
11. Both screws turn clockwise in order to increase the pressure setting and both screws turn counterclockwise in order to decrease the pressure setting.