The most common valves work just like the loader valve but only in one direction. They're spring loaded to stay in the neutral off position. Some have a detent at the end of the travel in one direction. That can be a float position (like many loader valves have- push up and it'll click into detent and let the loader float up and down) or it can be a fully open position. You'd use that to run a hydraulic implement that has its own valves, like a log splitter. If you have a valve like that and leave it in the detent with nothing connected, it will "dead head"- you'll hear the relief valve squealing as it opens to let the pressure into the tank. It's the same as if you curl the bucket all the way and keep holding the joystick when the bucket reaches the end of travel. When you're deadheadding, the hydraulic cylinders after the relief valve that's open won't get significant pressure or flow. There's a relief in the loader valve but there can be others.