The Fancy Stripe Quilt Block is a fascinating block. On the surface, it appears to be a square around a square set on point. While it's possible to create this block in a "round and round" fashion, (like a Log Cabin Quilt Block) the true grid of the block is shown in the exploded version below. It is actually comprised of half square triangles.
The fascinating nature of the Francy Stripe Quilt Block becomes apparent when you take a look at a grouping of the blocks. When straight set, the block creates a secondary pattern of alternating solid squares and outlined squares.