No, the UltraGuage is a full time monitor, it just reads and resets codes as a part time job.
http://www.ultra-gauge.com/ultragauge/
I also have a $19 Autel MaxScan MS300 that does a decent job also.
Autel Maxiscan MS300 OBDII OBD2 Car Auto Diagnostic Code Reader Scan Tool CAN US