I actually read an article about this. Coconut oil is a fat, almost no protein in there. But if you use it as a prewash (or probably any other time) it will prevent loss of protein from your hair that occurs through rinsing, cleansing, exposure to air and sun and wind and heat.
So it's not a PT in itself, but it helps preserve your hair's natural protein reserve. I see you're a wavy - have you checked out the 2s board?