1. I am planning to put my folded frame in a 3600x3600pixel-layout. so I prefer to make a blank document with this size. Anyway,  it is better to work in a bigger workspace because you can crop it anytime according to your desire. So, go to File>New and set the width and height with 72dpi.




2. Since i am going to work with a white frame so i have to change my background. I prefer to use gray as my background. You can use any color as long as you are comfortable to work with your chosen color of frame. Now click the Create New Layer button. I just use the Layer1 as its name.


3. With the Layer1 active, click the Rectangular Marquee Tool in the tool palette and to constrain a perfect square, drag and hold shift key until to your desired size of the frame. Then press ALT+Backspace in your keyboard to fill it with white. But be sure that the white is in the foreground. If not, press D for default foreground-background and then press X to make white as foreground.

While it is still selected, in the Rectangular Marquee tool option, select Subtract from Selection and drag again inside the box and then press CTRL+SHIFT+I to inverse the selection and press delete. Then press CTRL+D to deselect it.




4. So we have now one frame. Duplicate this layer by pressing CTRL+J in your keyboard. This becomes the Layer1 copy. Choose the Move tool  and move this layer beside the first frame without space.



5. Select again the Layer1. Then go to Edit>Transform>Perspective. In the Perspective option, set the vertical skew to -5 then press Enter twice.



6. Select now the Layer1 copy. And do the same thing, but time set the vertical skew to 5, reversed of the Layer1.



7. Now, let us duplicate this two at the same time. Choose the Move Tool again. Click on the Layer1 and then hold CTRL+click on the Layer1 copy. The two layers are now selected. Press ALT key then drag. Place these duplicate beside the second frame without space. So we have now four frames in all. 



8. We have now the frames. They have its own layer, right. Now we are going to merge this four layers. Click for the Layer1 and hold SHIFT+click the Layer1 copy3. This will select all the four layers. After you have selected these layers, right click anywhere in the layer then choose Merge Layers.



9. And by double click on the layer, i renamed this layer as "frame".


10. Oopps! i forgot to remind! Save you work particularly in .psd file if you want to edit this for future use and for security also. File>Save.

11. We have now one layer for the frame. We will now manipulate for the gradient to have a folded effect. Create again new layer and name it as the "gradient". Select the gradient layer then right click and select the Create Clipping Mask. This will be the layer for our gradient.



12. Select the Gradient tool  and click on the gradient window to edit it. This screen will appear. I named it as "fold_3".



I used these settings: White(W) and Black(B) at the top, and the #bdbdbd color code at the bottom. I input the following in the Location box:

for #1 :  W=25   B=26
for #2 :  W=51   B=52
for #3 :  W=77   B=78

Have you noticed the pattern? For three folds, I divide 100 by 4, so it's 25. With an interval of 1 each then add by 25. I made this to get a proportion of the gradient. So this our gradient now, click OK.

13. So with the "gradient" layer selected, drag the gradient in the direction in the screen shot below:



14. And our frame will now be looking like this. If the reflection is not on the center, you can adjust it. And i prefer to lower its opacity a little bit to 80%. But of course it always depends on you.



15. We are not through. This time will be making our tricky drop shadow. Create a new layer below the "frame" layer. With the Elliptical Marquee tool , drag this on the first curve. Fill it with black and lower its opacity to 30%. Then go to Filter>Blur>Gaussian Blur and set the radius to 20. Then just erase the part that comes out of the frame. After these settings. you can now duplicate this shadow and drag this on the side.



16. So this now our final work. Turn off the visibility eye for background and save it as .png so that you can use it over and over again without hassle. You can rotate it now in any position.