That type auxiliary valve uses the tractor internal (3-point) hydraulic system for its supply.
The picture below is how I believe the hoses to your remote couplers hook up. Since you only have two couplers (1 set with two hoses and couplers could run a double acting cylinder) my understanding is they recommend using the set of ports on the right (2A and 2B in the picture) spool, if one cylinder is being used. The manual shows the lift port as the rear port and the dump port as the front one.
I believe the quadrant Draft control lever needs to be in the full up position and the inner quadrant lever needs to be in the constant pumping position. and the left lever of your auxiliary valve needs to be in the detent (rear) position.
Some of those valves had screws to turn to set the valve for use either a single or double acting cylinder. Get a good picture of the front of the valve body where the white arrow is pointing and the opposite end (rear). The drop ports get capped off for single acting remote cylinders. Or if you have two couplers on the spool turn the screw to single acting and only hook the single acting cylinder hose to the lift coupler.
Do you have the Operator's manual (MF publication number 690525M1 or it could have a higher suffix number for a printing) for your MF 50? It has some info on the optional hydraulic valves, yours included, in the Accessories Section.
I may not be 100% on all of this and Dieseltech may be along with more info as he was a MF mechanic for many years.
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