This chart will direct students on an independent fluency practice. It allows them to read a piece of text three times and focusing on their fluency and encouraging improvement and progress. Students also have a the opportunity to self assess their reading at the end. This is a very easy tool to use with your students and for them to be successful. You will want to make sure that students have a recording device (iPad, recorder, etc.) so they have the chance to record themselves and then use the playback feature.
I often used this as one of literacy stations in my classroom. I found this to be valuable encouraging my students to work at improving their reading skills.