Required Words
As already mentioned here, these word(s) act as a guide for the bot to identify a rule.
But they can also be used to do some advance stuff, like using variables.
Variables
Any required word which is enclosed in curly braces acts as a variable. These variables can be used in dynamic responses to generated a personalized response.

A single variable contain its own name along with a prompt.
Variable Prompt
A variable prompt will be a question asked to user if your bot is unable to get value of the variable.
Optional Chaining
A single required word can have multiple words chained which acts as a logical or operation, which means that word seperated by | can activate a rule if either one of them is present in the query. In simple terms they act as either or, which means that if we have given a required word hi|hello then it will be read as either hi or hello can be there in the query.

Chaining with nothing
Now this might not make any sense but you can also chain with nothing. A required word like hi| will be read as either hi or nothing can be there in the query.