I am new to Splunk, I have build a Dashboard with the drop down options which will be used with the saved search.
How I can parse the selected value from the drop down in the saved search
i.e
eventtype=web-traffic | transactions clientip startswith="$ANY THING from the Drop down$" endswith="logout"
As far as I know, you can't use a saved search in this way with a dropdown. You need to define a searchTemplate and your search is almost correct for that. The Build and Edit Forms page in the docs explains it well with examples.
Let us know if you still need help.