It depends on your players, I'm currently using the Narrow Diamond but my team is very balanced and usually always superior. This is what I use:

Attacking mentality, pressing whole pitch, offside trap, short passing through middle, no counter.

As for arrows it depends on the opponent. Usually I have red arrows on the 2 fullbacks so I pressure opponent more effective. If the opponent has strong wing attacks I don't put arrows on them. If opponent has no amc I push dmc up to gain more possession in midfield. Do not abuse the arrows and tweak it during the match according to the situation. Important to leave them where they are to keep the team balanced with enough space for passing and exploiting the opponent.