Plain English Meaning
A button on the autopilot that tells the airplane: 'Climb or descend to the new altitude I've dialed in, and keep my chosen speed while you do it.' When you reach the new altitude, the autopilot levels you off on its own.
Full Definition
An autopilot vertical mode used to climb or descend the aircraft from one assigned altitude to another. In LVL CHG mode, the autopilot holds a pilot-selected airspeed by pitching the aircraft up or down, while the autothrottle (or pilot) sets a climb or descent thrust. The aircraft levels off automatically when it reaches the altitude pre-selected in the altitude window.
Context Anchor
Seen on the autopilot or flight director mode display during , , and altitude changes in .