A valve, in particular a proportional pressure regulating valve, has a valve piston (12) longitudinally movable in a valve housing (10) for alternately releasing and connecting a user connection (A) to a pressure supply port (P) or a tank connection (T). The valve piston can be actuated by an actuating magnet (14) that produces a dither signal during operation. The valve piston (12) reaches a floating position within the valve housing (10) by a hydraulic lift limitation for the receipt of the dither signal.