A hydraulic valve for oscillating-motor camshaft adjuster is provided. The valve has a bush and a hollow piston with a piston bottom. The piston is axially movable within the bush by means of an actuator against the force of a screw-type pressure spring. The actuator is applied to the piston bottom. A sleeve secured in the bush is disposed inside the hollow piston and can be displaced relative to the piston. The wall of this sleeve has at least one through-opening, which leads to at least one opening of the hollow piston, which opening can guide a supply pressure (P) applied inside the sleeve alternatively to two sets of pressure chambers of the oscillating-motor camshaft adjuster. The sleeve has a sleeve bottom that seals off the inside space of hollow piston.