What's the difference between setting auto brakes to MAX vs. RTO in Boeing Aircraft?
For the 737:

RTO is used for takeoff, and puts full hydraulic system pressure to the brakes. The other autobrake settings, 1, 2, 3, and Max, are used for landing, and brake to achieve a specified deceleration rates. In autobrakes Max, you get very firm brake application, but it's still something less than unmetered system pressure to the brakes.

In all cases, the anti-skid system will prevent a wheel from locking up by reducing (modulating, actually) hydraulic pressure to a particular brake.