Choose the highest possible value unless you are concerned with battery life.
Experiment with lowering the render distance to see if performance improves. This can greatly affect performance if the value is set too high. Memory usage is found at the top-right of the screen in the form of a percentage amount representing the current memory usage. fps is found at the top-left of the screen on the second line of text. You can monitor fps and Memory (RAM) Usage in Minecraft by pressing the F3 key while playing the game. If used correctly, this guide can help you greatly increase your fps and lower or remove lag entirely. Tips in this guide vary in effectiveness depending primarily on what modpack you use and the ability of your computer to run it.
When using this guide, do not do something until you are fully aware of the potential consequences. Increasing performance in Minecraft can be very simple but quickly becomes extremely complicated when many mods are incorporated.