Abstract: An externally adjustable pressure modulating valve is disclosed. In one example, the valve has a valve body extending along a valve axis and defining a plunger cavity extending axially into a first end of the valve body. A valve spool is retained in the valve body and is movable along the valve axis. An input plunger is slidable axially in the plunger cavity between a resting position and an actuated position. An external adjustment mechanism is configured to adjust the modulation spring force when the input plunger is fully actuated. In one example, the adjustment mechanism includes a threaded sleeve in the plunger cavity, where rotating the threaded sleeve changes the mechanical stop of the input plunger.