A partition that you want to read from and write in both the Mac and Windows 10 should be FAT32.
A partition meant for only one OS (either MacOS or Windows) should be in the best format for that OS (for Windows that's NTFS).

Two tips:
- Make all partitions on the drive that you need and test that they work, before you go and fill them with data.
- Remember that an external hard disk is a bad device to store data on. So you would need one, preferably 2, other externals (or the cloud, if you prefer that) for backup.,