Bracket
Also called: OCO, one-cancels-other
Two exits resting over one position — a take-profit above and a stop below — where whichever fills first cancels the other.
In practice
You set both levels while you still have a clear head, and the position then has a defined exit in either direction without you watching. It counts as two orders against your open-order limit.
What it is not
Not a hedge, and not protection you can rely on: the stop half is still a trigger that fills at the next published price, so that exit can land past the level you named.