Summary of Colo-type Events
(credits to ElysianField and themadmanazn)
For those who haven't participated in an Colo-style event, here's a summary of how they work.
First, you assemble a team of five units, limited by 100 deploy points. Whenever you battle, two active, random allies will also join you.
There are two types of battles -- event/quest battles, where you face NPC setups, and PVP battles, where you face other players' group setups.
PVP battles give BT and victory points if you win; event battles give BT points. Occasionally during event battles, you will come across a boss and have the option of fighting it -- if you fail, you can use a potion to continue; otherwise you lose.
Battles consist of 30 turns split between you and the opponent. Units take turns attacking based on speed and other skills that come into play.
The battle ends when one player's stamina completely depletes or at the end of 30 turns, awarding the win to whoever has the most stamina left.
Each of the unit skills has a chance to activate during battle, and each has a certain effect:
Attack Boost: For a certain number of turns, the boost actually activates and boosts the appropriate units' stats.
Poison: applies a "damage over time" debuff to your opponent. Poison lasts 5 rounds and damages your opponent (around 5% of their health) whenever they take a turn to attack. Both sides can be poisoned at the same time and poisoning your opponent no longer cancels your own poison.
Slow: Slow decreases the opponent's speed, occasionally pushing some of their units further in the line-up and yours up. This is is done by adding a tick or a number to the unit's attack speed (think of numbers and not letters). So if someone's attack speed is 0.9, slow may make it 1.0. This is why at times it doesn't appear to do anything because despite adding the tick, the unit still is still faster than the rest.
Knockback: Completely removes the opponent's next unit and places them at the end of the current attack cycle.
For a complete guide on creating a decent team, go here
For advice on your team formation on general advice regarding arena team team, go here
For information about Colosseum item bonuses, go here