the pointy end indicates where your plug is set. Opening it all the way up most likely won't be necessary.
Go to the range, and shoot from the bench 3-5 rounds at a time. Note where the brass falls.
Ideally you want your brass ejecting FORCEFULLY to the 4 o clock of the rifle not just kinda getting tossed out).
Adjust your gas setting +/- until this happens. If it's trowing brass to the 1, then move the point a click in the - direction. If it's just farting brass out, or not cycling, rotate the point a click towards the + until it's working right.
You may run into an issue like I had where you get to where your brass is ejecting to the 4, but it isn't reliably cycling. Then when you open it up one click to + suddenly it's flinging your brass to the 2, but IS reliably cycling. I don't know what AA's answer is, but I just left it a little overgassed throwing brass to the 2. Works great!
And yes, the XLP was probably one of the best upgrades I've done for my AR.