Use this page to edit the custom status for your helpdesk tickets. THe most important settigs are the status name and the "button name" (caption for the button in the interface, that will move a ticket to this status). For example: status - "on hold" button "Put on hold").
Additionally you can assign one or more ticket categories this status will be used in, set the color (shown in the tickets list) and assign permissions - who this status will be visible to (as you know, the helpdesk app has user roles).
For example, you want to set up approval process to your tickets. You add first a status "Approval requested" with a button "Request approval" (available to technicians only) and another status named "Approved", visible only to managers.