Abstract: A two-position, three-way pilot valve having a hollow spool valve element connected to a valve stem having first and second ends of equal diameter for pressure balancing the valve. A biasing piston engages one end of the valve stem and a pilot piston engages the other end of the valve stem. The pistons may include two piston rings of different diameter for holding the pistons in alignment. The ends of the spool valve element are structurally designed to maximize valve seating without overstressing.