Detect and link URLs in posts: When you add a link to a post (E.G.: http://www.google.com) it is actually a non-clickable piece of text. If you want it to become clickable link you'd have to select it and make the hyperlink using the editor. As you'd usually want it to be clickable then this option tries to guess what links are and then apply then make them clickable (apply the anchor tag to them).
Links to previous/next pages: Allows you to configure the amount of links you want for pagination (at the bottom of the pages).
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