A setup can have many different meanings. But generally, it is a classification of your trade entry triggers. Some people refer to "strategy" as their setups.
Setups could be the following:
- Head and Shoulders
- Range breakout
- Moving Average Cross
- News trade
A setup, therefore, usually describes how you determine your entry triggers.
Under Settings > Setups, you can define your setups even further and write down notes that explain the idea of the setup.