The Gaiam Strap-Free Touch Heart Rate Monitor from Oregon Scientific does not require that you wear a chest strap or arm strap. It features a touch screen and uses ECG technology. Just place 1 or 2 fingers on the sensor to see your heart rate. In addition to displaying your heart rate, it has clock, calendar, alarm and calories burned functions. It’s available in 2 colors and priced at $99.99.
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I would think that “touching” the sensor whilst invovled in a rigorus activity would not be that easy. For those who do very active workouts it appears to me that the strap is still the best for constant heart monitoring.