Thanks to

for support and ideas

PolySplitRing is the name of a Maya tool that inserts an edge loop by selecting a single edge of a poly object. It gives a preview of the loop and can be adjusted along the starting edge before finalising the cut.

This 3ds Max version is based on the same principles: once active, shows a visual preview of the loop starting edge. It is in green if the current edge supports an edge loop, or in red if it does not. The first left mouse button click selects the current edge and shows the visual preview of the complete edge loop. It can be adjusted along the edge. The second left mouse button click applies the cut and creates the edge loop geometry. In every step a right mouse button click brings the system one step back, from edge loop preview to starting edge preview, and from starting edge preview to quitting the PolySplitRing.

Note: Undo doesn't work always with this tool. Remembrer to save often.
Autodesk 3ds Max 9+
Additional requirement for 3ds Max release 9 only
AVGuard MAXScript Extension Package 9.0.0 by Larry Minton
Download — version 0.3 — 2009.02.10 — 8.88 KBytes
Discussion thread on Polycount forum