Collection conditions let you base a discount on part of the cart, for example "free shipping on $100+ of olive oils" or "3+ items from Bulky Goods".
When you select several collections, they're treated as one combined group. A product that's in more than one of them is only counted once.
Product collection
Is anything from the selected collections in the cart?
Contains (any): at least one product from the collections.
Contains (only): every product in the cart is from the collections.
Does not contain: nothing from the collections.
Item count from collection
How many items from the selected collections are in the cart. Example: Is at least 3.
Cost of items from collection
The value of the items from the selected collections. Products outside those collections don't count. Choose one of two versions:
(subtotal): before any discounts.
(total): after product and order discounts. A "10% off your order" code lowers this value, so a $110 basket with 20% off counts as $88.
Amounts are in your store currency and convert automatically for other currencies.

Good to know
Products not in any of your selected collections don't count. To count the whole cart, use Cart total or Cart subtotal.
Combine collection conditions freely. Each condition checks only its own collections, so one rule group can require one collection and exclude another, for example Product collection Contains (any) Olive Oils and Product collection Does not contain Bulky Goods.