Total MP vs. MP recovered per day

[Shindo]

I'm slightly confused by some of the wording in the MP system.

Is a caster's maximum MP (the number based on the level on their class' chart + the number for the table on the MP system page adjusted by their spellcasting modifier and current highest level spell slot)?  For example, if I have a level 3 Red Mage with 17 in CHR, is their Max MP 4+6=10?

And then for that same character is their MP recovered after an 8 hour rest 3+3=6?

This is the way I'm currently reading it, am I correct?

Almost right. Your example Red Mage would only have 7 maximum MP (4 + 3) since at level 3, he would only have access to 2nd level spells.

You're right, that's my mistake.  But at least I have the principle right.