Abstract: A valved bandage and method for covering an open wound in the chest cavity. The bandage includes a flexible sheet having a hole formed therein. A normally closed one way valve section extends outward from the outside of the sheet and in communication with the hole. The bandage is secured over the chest wound, so that the valve is in alignment with the chest wound opening to close the chest wound. The bandage enables fluids from inside the chest cavity to flow into the valve, to open the valve and be released to the outside. The valve automatically closes after the flow of fluids into the valve substantially ceases, to prevent back flow of air from the outside to the inside of the chest cavity. The one way valve section of the bandage may be formed into an angled configuration, so that the position of the outlet of the angled valve section may be varied to provide optimum drainage of fluids.