The circuit is a variable duty cycle, constant frequency, astable multivibrator using the 555 timer.
The Diodes (1n4148) separates the charge and discharge paths respectively. They also maintain a symmetrical voltage loss along the two paths. Potentiometer adjust the duty cycle with slight effect on frequency. When the potentiometer is adjusted the resistance subtracted from one path is added to the other path. Thus the mark and space time of the output can be varied while maintaining their sum almost constant. This results in variable duty cycly and constant frequency output signal.
