Add the mayonnaise, hot sauce, horseradish, lemon juice, ketchup, mustard, smoked paprika, garlic, Worcestershire sauce, and cayenne, if using, to a small mixing bowl.
Stir until smooth and fully combined. Taste and season with salt, additional lemon juice, hot sauce, or cayenne, if desired.
Cover and refrigerate for at least 30 minutes to let the flavors meld.
Stir well before serving. Garnish with minced parsley and serve with lemon wedges, if desired.
