A fluid valve transmission having an automatic by-pass in neutral on the pump side and automatic brake or by-pass on the driven motor side while in the neutral position. Through holes and channels in the rotor are designed with close openings to open and close smoothly as the valve is turned, one opening as the other closes. All channels in the rotor are full of fluid at all times. The valve positions are designed with neutral midway between forward and reverse. This allows for quick start and stop and forward or reverse changes. Pressure equalization lines in the valve body from the pump and motor lines enter a circumferential channel on the rotor valve. This prevents the rotor from binding in high pressure applications.