This script presents a summarized view of a series by drawing lines between series samples taken at power-of-two intervals from the current value.
The intent is to provide a visualization of trendlines at multiple scales, without having to untangle those that my overlap each other.
It doesn't overlay a price-chart as written; it could, but IMHO that would be redundant. It's intended to augment oscillators and other kinds of indicators that don't necessarily scale with a price chart.
The script does not attempt to provide buy or sell triggers, but rather, to provide a visualization tool and a line-drawing tech-demo.