You can set up SmartPrice rules in Dynamic Pricing section. You can reach this section from the top navigation bar in your Prisync account.
After landing on that page, you can click add a new rule, pick up the product range that you want to apply this rule, and set your rule up according to your product costs and also your competitors' prices. Then, you can immediately see the effects of these rules in SmartPrice Live View section. The video below shows how to do these actions in your account: