Plain English Meaning
The instructions ATC gives you when they need you to fly a specific racetrack-shaped pattern in the sky and wait. The instructions tell you exactly where to fly the pattern, which way to turn, how long each leg should be, and roughly when you can expect to be released.
Full Definition
An ATC clearance directing a pilot to remain in a specific airspace pattern, normally containing five required elements: the direction to hold from the holding fix, the holding fix, the radial, course, bearing, airway or route on which to hold, the leg length if other than standard (when DME or RNAV is used), the direction of turns if non-standard (left turns instead of ), and the time to expect further ().