This play utilizes an on-ball screen from the wing that gives the ballhandler options to score and/or pass the basketball. The screener, by reading the defense, can opt to pick and roll or pop back out for the jump shot or 3-pointer.
To initiate the High/Low Pick and Roll Pop, O1 dribbles toward the wing and passes to O2. He follows his pass and cuts through to the ballside corner.
As O1 clears, O4 steps out to set an on-ball screen for O2. O2 uses the screen to look for his own shot or dribble-drive and pass.
O3 keeps himself spread wide and spots up for a possible pass.
O5 sets a backscreen for O1 as O2 dribbles off the ball screen.
After setting the screen, O4 has the option to pick-and-roll to the basket or to pick-and-pop outside the three-point line.
O2 obviously has a lot of potential scoring options here. A smart decision will often lead to a great scoring opportunity.