What does the word holyrood mean?

According to royal Residences Web page David the 1st founded a monastery in 1128 near the site of Holyroodhouse Palace. Legend states that he saw the sign of a cross or 'rood' between the antlers of a stag. One can surmise then that the term holyrood means holy cross. Incidentally, the abbey's symbol was a stags head where it's antlers framed a cross. Later, in 1501, James the 4th cleared neighbouring ground and built a palace, of which only a small part remains. however, James the 5th continued the project and added a tower and new front.