These macros go in the same place as group heal on every class in your box team that is not a healer. Many DPS classes come with abilities that absorb incoming damage or heals a small amount of damage already taken; those are the abilities that are designed to go into this macro.
What this macro is designed to do is decrease the amount of strain that is placed on your group's healers when you run into a situation where your group is taking a buttload of AoE damage. While boxing these abilities are rarely ever used anyway so this is a nifty way of incorporating them into your setup.
Each class is going to have a different Protection Macro since they all have different AAs. Below you'll find macros for each of the classes that I have as part of my box team.
Enchanter Protection Macro:
Reactive Rune (/alt act 2209) - You should be buffing yourself with this ability when you do your buffs but incase you aren't or forgot to rebuff recently this will use it to help save your hide.
Glyph Spray (/alt act 578) - Again you should be buffing yourself with this when you do your buffs but just incase you aren't this macro uses it.
Rune of Banishment (/alt act 2200) - This absorbs melee damage that you take and also has an effect you may find annoying, it pushes enemies back and roots them 30 feet away.
Magician Protection Macro:
Shield of the Elements (/alt act 603) - Heals you, increases health regen and reduces incoming damage
Shared Health (/alt act 265) - Heals your pet, tethers him to you and all incoming damage is split with your pet for 2min
Mend Companion (/alt act 58) - Large heal to your pet. I don't have this bound or being used in any other aspect so why not here? With both this and Shared Health your pet will be fully healed.
Heart of Ice (/alt act 786) - Absorbs incoming spell damage. Much like most of the abilities in this macro it will only be useful if the mage is the one taking damage and he's being hit with spell damage. Luckily (or unluckily) most of the AoE damage these days in EQ is spell damage and it hits your whole group - so this will probably be really useful!!