The flash recovery area, which allows you to centralize storage of all recovery-related files, the file types that are backed up within the flash recovery area are: 
Current  control  file 
Control  file  copies 
Control  file  autobackups 
Online  redo  logs 
Archived  redo  logs 
Datafile  copies 
Backup  pieces 
Flashback  logs  
As Storage FRA can use: 
The  local  disk 
Storage  Area  Network  ( SAN ) 
Network  Attached  Storage  ( NAS ) 
Oracle  Automatic  Storage  Management  ( ASM ) 
  
To setup FRA you need ot configure two parameters: DB_RECOVERY_FILE_DEST_SIZE and DB_RECOVERY_FILE_DEST. 
DB_RECOVERY_FILE_DEST_SIZE will represent the alocated space for your FRA.
SQL > Alter  system  set  DB_RECOVERY_FILE_DEST_SIZE = 3 G  scope = both ; 
System  altered . 
 
 DB_RECOVERY_FILE_DEST will represent the location where this will be stored.
 
SQL >    alter  system  set  DB_RECOVERY_FILE_DEST = '/opt/oracle/fra'  scope = both ; 
System  altered . 
 
 To use the ASM as your FRA storage
 SQL >  alter  system  set  DB_RECOVERY_FILE_DEST = '+ASMDATA'  scope = both ; 
ASMDATA  =  is  the  ASM  Disk  volume 
 
 This two parameters are dynamic, so is ok for you to change them without restarting the database.