Haven’t seen the paint markings before, but Trees are painted for thinning.
The orange “tape” is Hazard tree flagging commonly used on fires, then evaluated by a felling Boss for validity.
@2dogs mite have more insight being a Hazard tree dropper ))
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Those paint marks are specific to northern Collyfornia. The "P" stands for someone pooped next to that tree. The circle with crosshairs is where the flying saucer is supposed to land. Glad I could be of help.