Use the Team Foundation Branch action to create a new branch based on file(s) or directories. The branch will not become permanent until a Check In Pending Changes operation takes place.
File/Folder to Branch
Source file : Specify the file/directory to branch. Use wildcards (*) to specify multiple files.
Destination : Specify a file, or a folder, to branch to. If you specify a Team Foundation Source Control folder, the branched files will be created inside it.
"Immediately Get a copy of the branched file..."
Check this option to automatically retrieve a copy of the branched file.
Version to branch
Instead of branching from the latest version of the file, you can choose to label a specific version. Versions can be selected by changeset number, label, a specific workspace or a specific date.
Locked branched file(s)
Check this option to lock the branched files against check in or check out by other users, before the pending changes are checked in.