A valve arrangement (1; 101; 201; 301; 401) for a shock absorber, said valve arrangement comprising: - a valve housing (2; 202) comprising a first and a second port (6, 7; 206, 207) - a pilot chamber (3; 203; 403) being in fluid communication with said first and/or second port, wherein a pilot pressure (Pp) is defined by a hydraulic pressure in said pilot chamber; - a main valve member (4; 104; 204; 304; 404; 504) being axially movably arranged in said valve housing and being arranged to interact with a main valve seat (8; 108; 208; 408) of said valve housing in order to restrict a main fluid flow (9; 109; 209) between said first and second ports in response to said pilot pressure acting on said main valve member; - a control valve member (5; 205; 305; 405) being movable in an axial direction relative said main valve member in response to an actuating force acting on said control valve member, said control valve member comprising a first pilot valve portion (15; 215; 339; 415) and a first bypass valve portion (16; 216; 338; 416), said valve portions being at an axial distance from each other, - said first pilot valve portion (15; 215; 339; 415) being arranged to interact with a second pilot valve portion (17; 217; 340; 417) of said main valve member to define a pilot restriction on a pilot fluid flow (18; 218; 318) out from said pilot chamber; - said first bypass valve portion (16; 216; 416) being arranged to interact with a second bypass valve portion (20; 220; 420) of said main valve member to define a bypass restriction on a bypass flow (21; 221; 321; 421) between said first and second ports, said bypass flow being separate from said pilot flow; - wherein said pilot and bypass restrictions are adjustable in response to said actuating force, thereby allowing simultaneous adjustment of said pilot pressure and said bypass fluid flow. - a valve housing (2; 202) comprising a first and a second port (6, 7; 206, 207) - a pilot chamber (3; 203; 403) being in fluid communication with said first and/or second port, wherein a pilot pressure (Pp) is defined by a hydraulic pressure in said pilot chamber; - a main valve member (4; 104; 204; 304; 404; 504) being axially movably arranged in said valve housing and being arranged to interact with a main valve seat (8; 108; 208; 408) of said valve housing in order to restrict a main fluid flow (9; 109; 209) between said first and second ports in response to said pilot pressure acting on said main valve member; - a control valve member (5; 205; 305; 405) being movable in an axial direction relative said main valve member in response to an actuating force acting on said control valve member, said control valve member comprising a first pilot valve portion (15; 215; 339; 415) and a first bypass valve portion (16; 216; 338; 416), said valve portions being at an axial distance from each other, - said first pilot valve portion (15; 215; 339; 415) being arranged to interact with a second pilot valve portion (17; 217; 340; 417) of said main valve member to define a pilot restriction on a pilot fluid flow (18; 218; 318) out from said pilot chamber; - said first bypass valve portion (16; 216; 416) being arranged to interact with a second bypass valve portion (20; 220; 420) of said main valve member to define a bypass restriction on a bypass flow (21; 221; 321; 421) between said first and second ports, said bypass flow being separate from said pilot flow; - wherein said pilot and bypass restrictions are adjustable in response to said actuating force, thereby allowing simultaneous adjustment of said pilot pressure and said bypass fluid flow.