To set up multiple formations for your team which you can switch too whilst playing a game use the following guide. This works for all versions of the game.
1. Navigate your way to the Formation settings menu, either before the match or on the main menu of the League, Cup or Master League you are playing in. Then move down to 'Strategy'.
2. From here select 'Manual'.
3. Using the menu that appears assign two buttons to 'Formation A' and 'Formation B' (simply done by pressing X and choosing the target) You can only choose between X, O, [] and Triangle. Remember which buttons you assigned them too as you will need them later.
4. Return to the 'Strategy' menu and then select 'Formation A'.
5. Using the menu that appears assign the desired formation. This will be your second choice formation. Your first one that your team will start with is still determined by what you choose from the main 'Set Formation' menu.
6. When you have finished return to the previous menu and select 'Formation B'.
7. In the same way you made the last formation make another. This will be your third formation that you can use in the game.
8. When you are in the game hold L2 and then press one of the buttons you assigned your second or third formation to. Hold L2 and press the same button to cancel that formation and return to your original. An icon appears in the bottom corner of your screen to show which formation you are using. (Notice the circle in the corner of this screenshot).
Hope this helps.