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Robb, I believe you are talking about the typical CB type modulation meter? In that case I agree however there are indeed mod meters that are very accurate. I have one. It is a Wavetek 4101and measures AM and FM mod to 100% and up to 100 kHz deviation. It is lab quality and admittedly not what most would have in the shack however it is a mod meter that is indeed accurate. They are out there and will read mod levels as good as a scope. Just forget the Dosy test center type meters.