Plain English Meaning
A setting that tells the GPS to stay locked on the current waypoint instead of moving on to the next one once you fly over it.
Full Definition
A GPS receiver mode in which the unit is prevented from automatically advancing to the next waypoint in the flight plan, holding the active waypoint fixed so the navigation display continues to provide guidance to that single point. It is selected when the pilot needs to fly a procedure such as a holding pattern, procedure turn, or course reversal at a specific fix without the treating the fix as passed.