When you sculpt at higher levels, your level 1 cage will change to reflect this, so you either need to …
1.The best thing to do is export your level 1 mesh (the one you create the displacement for) back out of Zbrush as an obj, and bring it back into Max, put a Turbo Smooth on it, and your MentRay material with the displacement, done.
- Reimport you original max cage into Zbrush at level 1, before you make your displacement map, so that the displacement will work correctly on your unchanged mesh in Max.
This method works in cases where you dont want to change your original cage in max, (say if it is already rigged or something). Even if it is rigged, you can put a morpher on it, and transform the rigged mesh into the one you brought back from in Zbrush,and it will retain the weighting.
You could also store a Morph Target, of your cage at level 1 in Zbrush before subdividing it, and swap back to it before you create your displacement map. This is the same thing as reimporting your level one mesh, just a different way of doing it.
In either case you need to put a Mesh Smooth, or Turbo Smooth modifier on the mesh in Max, normally smoothing 1 time is fine.