1]PRIORITY_BALANCED_POWER_ACCURACY: Used with setPriority(int) to request "block" level accuracy.

2]PRIORITY_HIGH_ACCURACY: Used with setPriority(int) to request the most accurate locations available.

3]PRIORITY_LOW_POWER: Used with setPriority(int) to request "city" level accuracy.

4]PRIORITY_NO_POWER: Used with setPriority(int) to request the best accuracy possible with zero additional power consumption.

for details:https://developers.google.com/android/reference/com/google/android/gms/location/LocationRequest

LocationRequest locationRequest = 
 new LocationRequest.Builder(
  LocationRequest.PRIORITY_HIGH_ACCURACY,
  10000
 ).build();

locationRequest.setFastestInterval(5000);

Yes, the LocationRequest constructor is deprecated. You can use its static method LocationRequest.create() to create a location request.

Kotlin:

locationRequest = LocationRequest.create().apply {
    interval = 100
    fastestInterval = 50
    priority = LocationRequest.PRIORITY_HIGH_ACCURACY
    maxWaitTime = 100
}

Java:

locationRequest = LocationRequest.create()
    .setInterval(100)
    .setFastestInterval(3000) 
    .setPriority(LocationRequest.PRIORITY_HIGH_ACCURACY)
    .setMaxWaitTime(100);

Update

As @Shimon pointed out LocationRequest.PRIORITY_HIGH_ACCURACY is now deprecated, so instead use Priority.PRIORITY_HIGH_ACCURACY

LocationRequest.Builder works with 1 or 2 parameters. This is the code that worked for me :

 mLocationRequest = new LocationRequest.Builder(Priority.PRIORITY_HIGH_ACCURACY, 1000)
                .setWaitForAccurateLocation(false)
                .setMinUpdateIntervalMillis(500)
                .setMaxUpdateDelayMillis(1000)
                .build();