Molecular orbital diagrams can be used to determine the bond order of a molecule. Now bond order itself is just a measurement of the number of electrons involved in bonds between two elements. We're going to say here a bond order of greater than 0 means that the compound is stable and it exists. And we can also say that as the bond order increases, the stability and strength of a bond also increases.
Now remember there is an inverse relationship between the strength of a bond and the length of a bond. So if your strength is increasing, that means that the length of your bond is decreasing. Now we're also going to say that a bond order of 0 means that the compound is unstable and it doesn't exist.
Now how exactly do we calculate our bond order? Well, we set up a molecular orbital diagram and we distribute our electrons within the bonding molecular orbitals and the anti bonding molecular orbitals. And once we do this, we can use the bond order formula. And here it says that that bond order equals half your bonding electrons, so those electrons found within molecular bonding orbitals minus your antibonding electrons. These are your electrons that are found within your antibonding molecular orbitals.
So again, once you set up your MO diagram, you'd use that to help fill in this bond order formula to find the bond order of any particular molecule.