Life is Strange is not based on a true story. It's a creation of the developers' imagination, featuring unique characters and plotlines that are not drawn from real-life events.
Well, kind of. The character of Dr Strange has roots in some real - world ideas about the occult and mysticism. But the movie and the comic version take these ideas and run wild with them. They create a world full of magic spells, otherworldly dimensions, and superhuman feats. So while it has a basis in the idea of 'true' magical traditions, it's mostly a work of fantasy.