Open valley, the most water-handling and the easiest to repair
Metal liner 20 inch minimum, 24 gauge minimum, per GAF.
A metal valley liner runs down the center and stays exposed. GAF calls for at least 20 inch wide aluminum, galvanized steel or copper, 24 gauge or heavier, nailed only at its edges. The shingles are kept back 6 inches apart at the top of the valley and the gap widens 1/8 inch per foot toward the eave, because the water volume grows on the way down.
Debris washes off metal more easily than off shingles, and the valley can be inspected and repaired without disturbing the shingles on either slope.
The catch. You can see it. Some homeowners like the metal line and some do not. The metal has to be non-corroding and non-staining, and nailing through it causes leaks.

