Three-way valve for use with paintball markers

A novel three-way valve comprising a valve body, a valve sleeve for adjustable position mounting within the body, and a valve stem movable so as to selectively form a pathway between line recesses in the valve sleeve. Three line recesses are used to form a three way valve and the front and rear line recesses are provided around the diameter such that an increased number of apertures may be provided while reducing the diameter of the apertures themselves to provided the necessary fluid flow with a reduced throw requirement for the valve stem. Exhaust valves are provided to relieve pressure on the unused fluid path. Preferably, the apertures are equi-spaced around the recesses diameter to create a more efficient fluid flow. The valve has a knob and/or a hex key for making fine adjustments to the position of the valve sleeve for optimal efficiency.