Abstract: A rolling diaphragm regulator valve is affixed in a globe type valve body and includes a non-stretchable fabric reinforced liner for covering and uncovering, by rolling action in response to changes in pressure in a control chamber, a plurality of slots in a baffle positioned between the valve body inlet and outlet. An axially movable spring-biased nose cone, mounted behind the diaphragm, provides a surface over which the diaphragm is draped for controlling substantially all movement of the diaphragm. A travel indicator is operable by movement of the nose cone to provide a visual indication of the position of the valve.