Plain English Meaning
The chunk of sky set aside for an aircraft to circle in while it waits. The pattern is shaped so the aircraft stays inside this protected area even with wind and small navigation errors.
Full Definition
The protected block of airspace reserved around a holding fix in which an aircraft flies a defined racetrack pattern while waiting for further clearance. Its dimensions are based on the holding pattern's inbound leg length, turn radius at the assigned altitude and airspeed, and allowances for wind drift and navigation tolerance.
Context Anchor
Seen when learning entries, especially , parallel, and entries, where must enter the in a way that keeps the aircraft inside .