...
- Allow editing - When you share items with this type of link, people can edit files, and can add files in a shared folder if they're signed in with a Microsoft account. Recipients can forward the link, change the list of people sharing the files or folder, and change permissions for recipients. If you're sharing a folder, people with Edit permissions can copy, move, edit, rename, share, and delete anything in the folder. Unchecking this box means that people can view, copy or download your items without signing in. They can also forward the link to other people. However, they cannot make change to the version on your OneDrive.
- Set expiration date - The link will only work until the date you set. After that, the link will be invalid, and you will need to create a new link for users requiring access to your file or folder.
- Set password - When a user clicks the link, they will be prompted to enter a password before they can access the file. You'll need to provide this password separately to users.
See also Microsoft's tutorial on Sharing OneDrive Files and Folders