Transparent grooves are cut through the shape at the chosen angle, turning it into separate bars. Density sets how many; Uniform keeps every groove the same width, Graduated widens them across the Range. Widths are relative to the glyph height, and Scope decides whether the fill, the strokes, the extrusion or everything is sliced.
Pattern Slice is applied as an Illustrator live effect, so the text stays editable. Change the word, the font, or any slider afterwards, and save the result as a Graphic Style to reuse it.
How to slice text into stripes or fill it with a pattern in Illustrator → walks through the manual Illustrator steps, then shows the one-click version.