start with every slider in the center of the column in which they can move. The Mk500 manual suggests that you actually bump the farthest left slider down just a smidge below the midline as it will unnecessarily consume watts with frequencies not really audible to the ear and muddy up your tone a little...
Now to get to know your EQ (with all sliders at the midline) play a droning note and one by one move them up and then down and you will notice what they add or subtract to the tone signature and what qualities you like and dislike.
Even the parts you dislike are necessary parts of thw whole, so dont totally kill em, just adjust them to where you like what they add. A good starting point is 1st slider down just a smidge, the next 2-3 arch up and back toward the midline very slightly, move the 1.3hz or 1.5hz (whatever its called ) up a little and move the highest (farthest right) slider down just a smidge....
its a good general rule that any time you bump up frequencies you do it "wide", meaning make the sliders next to it help to form a graphic hump, but when you cut try "notching", which is to say you just slide down the one slider of the frequency that is problematic to your tone by itself thus isolating it out some to taste.
spend some time with it and youll find that amp has tons of cool possible tones in it....