A heat exchanger valve includes a housing (2) having an inlet, an outlet a valve seat (5) on a valve seat member (24) between inlet and outlet, a valve element cooperating with the valve seat (5) and having a valve element axis, and presetting mechanism having a bushing (9) which is rotatable around the valve element axis and has an opening arrangement cooperating with a counter passage in the housing (2), wherein in the region of the opening arrangement the bushing (9) has a conical form cooperating with a conical counter face (13) and a distance is provided between the bushing (9) and the valve seat member (24). Such a heat exchanger valve should allow a precise pre-setting over a large range. To this end the bushing (9) has at least two notches (14) in an edge (10) facing the valve element member (24), each of the notches (14) forming an opening (25).