It is a higher homologue of psilocin, 4-HO-DET, and is a positional isomer of 4-HO-DPT and has a tryptamine molecular sub-structure.

The effects of 4-HO-DiPT are broadly comparable to those of other serotonergic psychedelics such as LSD and psilocin, but they are distinguished by their relative brevity.

Shulgin "doubt[s] that there is another psychedelic drug, anywhere, that can match this one for speed, for intensity, for brevity, and sensitivity to dose, at least one that is active orally."

An idiosyncratic effect of the drug, also noted by Shulgin, is its tendency to induce tremors.

FT-104, a prodrug to 4-HO-DiPT, has entered double blind, randomized, placebo controlled, phase 1 clinical trials in healthy volunteers at the Royal Adelaide Hospital in Australia for the treatment of postpartum depression and treatment-resistant depression.