Abstract: Technical indicators are used in the stock and the currency markets for buying and selling decisions. The aim of this study was to develop a fuzzy rule based technical indicator for stock markets. Generalized volumes and generalized prices are used as linguistic variables. The Z-shaped, S-shaped and Triangular fuzzy numbers are used in this study. Success rates have been tested by real time trading and backward testing method. This fuzzy rule based indicator indicates a buy, hold or sell signal. The signals are agreed well with the classical technical indicators.