A homotropic interaction is one where a ligand is its own modulator; for example, in hemoglobin, oxygen is the main ligand, which also affects the protein's affinity to bind more oxygen.
A heterotropic interaction is one where a ligand is different from its modulator.
**NOTE: A protein is not termed homo or hetero tropic; the INTERACTION is. Hemoglobin can bind multiple ligands, like CO and NO as well, so a protein can have both homotropic and heterotropic ligands.