Abstract: An expansion valve for reducing a pressure of a fluid flowing through the expansion valve along a fluid flow path has: at least one fluid inlet and at least one fluid outlet, a first valve element with at least one first channel structure, a second valve element with at least one second channel structure and a third channel structure, wherein the first and second valve elements are movable relative to each other, wherein, in a first position of the valve elements, the first and second channel structures are aligned with each other and form a first fluid flow path having a first flow resistance between the fluid inlet and the fluid outlet, and wherein in a second position of the valve elements, the first and third channel structures are aligned with each other and form a second fluid flow path having a second flow resistance.