Plain English Meaning
HDG is the short label for 'heading' — the direction the nose of the airplane is pointing, shown as a number from 000 to 359 degrees. You'll see it on the screen above the compass and as a button or mode on the autopilot.
Full Definition
HDG is the standard cockpit and avionics abbreviation for heading — the direction the aircraft's nose is pointing, measured in degrees clockwise from north (000° to 359°). On glass cockpit displays, HDG typically labels the heading bug, the heading readout at the top of the HSI or PFD compass arc, or the HDG mode of the autopilot, which commands the aircraft to turn to and hold a selected heading.
Context Anchor
Seen on instrument displays, , and labels such as those shown with .