Painting arrows: how to do It?

I've been told that painting one's arrows is an importante thing, due to the fact that arrows personalized with vivid colours are more easily detected in the wild and to distinguish between other archers' arrows.

Question is, how should I paint'em? Any recommendations? I've seen people painting arrows with spray paint (same used in graffiti), acrylic paint, even oleous.

Wich is better? And how do you protect the paint to not get uglier over the use of the arrow?

As always, thanks y'all!