On my Iwata, the 'nurly' bit to the left of the red oval 'locks' the needle to the "Needle chucking guide & Spring Guide assembly" (!) mechanism, so when you move the trigger leaver, the needle moves.
I learned Saturday, that the needle/Spring guide doesn't need to be drum tight, but you can slack it off anti-clockwise to lessen the pressure needed to move the trigger, yours may be similar.
Other a/b's including my single-action Badger 100 have a mechanism to limit or set the maximum pull-back on the trigger, to limit the maximum paint/air volume, yours may be the same.
Iwata also market a 'triple-action body' that does all of the above in 'one handy handle' as an extra.
Confused yet? I was. lol
I don't recognise the make or style of your airbrush, could you add that to your post, would be handy to elicit answers from people who have your model?
Also Google "(your make & model) + handbook" to see what the user guide says.
Good luck