The movie 'The Gallows' was marketed as being based on a true story, but it's a bit of a stretch. It's a horror film that used the idea of a high school play gone wrong and a haunted gallows on the school's property. In reality, it was more of a fictional horror concept inspired by common horror tropes rather than a strict recounting of an actual event.
Well, without more context, it's really difficult to tell the exact 'Charlie the Gallows' true story. If it's a regional or historical story, it could involve a criminal named Charlie who was hanged on the gallows. Maybe it was a story of justice served in a bygone era. However, it could also be a made - up story that has some elements of truth, like a cautionary tale that was created to keep people in line in a particular society.