External HP Monitor linked to Macbook Pro

I recently purchased an HP 2511 LED External Monitor to link to my 2011 Macbook Pro. What are the ideal settings to use so that I can view the sharpest text and richest colors?

Set the HP to its native resolution. That will give you the best clarity and sharpness. There are several good color calibration applications that you could also use if you're into photo work or the graphics design business. I'll let someone else recommend those.

I have noticed that the HP monitors tend to display a sharper image with a DVI cable as opposed to HDMI. I have a HP 2310m monitor and on my Windows desktop as well as my MBP the DVI connection is much sharper and clearer. Always run at max resolution too, as lower resolutions will introduce an additional hit in terms of sharpness and clarity.