This fancy stitch has intrigued me for a while. It is a Diagonal Stitch that is easy to do with a simple combination of knit and purl. Below is a link for the patterns for the Left and Right and for both Flat Panel and Knitting in the Round and a step by step video tutorial with a lot of great extra information.

I first saw this stitch for needle knitters and it took a bit of work to translate. I do think it worked out pretty good. But to make it work well on a loom there are some Must Haves.