Typically, you boost both the highs and lows some and either leave the midrange flat or cut it slightly. This brings out the beat in the music (assuming you're playing for people to dance) and enhances brightness and clarity. The sliders on the EQ will make a "bowl" shape.
Allowances might need to be made for the size of the room and how "live" it is (how much the sound echoes). There is no one "right" setup; let your ears be your guide.