Sure is! RedSea company makes a O2 test kit for $15. I don't know how accurate it is, I've never used it. I don't even know what the reagents are that they would use.
I prefer electric DO meters myself, but they cost a lot and it is a real pain in the butt to change the membranes on the sensors. The O-ring always snaps away from me, it's a really tiny thing. If you get a bubble underneat the membrane you can screw a whole day's worth of data. Digital read outs are best.
~~Colesea