Building on the success of its Nike+ mobile application for runners, sportswear company Nike is diving deeper into the technology world with the launch of a new wristband gadget that can measure all physical activities. Dubbed Nike+ FuelBand, the device is reminiscent of the troubled UP wristband by Jawbone, but will also compete with the likes of FitBit and MotoACTV keeping track of all your activity throughout the day.

The wristband is designed to be worn all day and the amount of activity a user performs is tracked and recorded in a new metric called NikeFuel. "The more active you are, the more NikeFuel you earn," according to Nike's press release. The company says this metric is based on a scientifically validated method of measuring oxygen consumption and believes it will be the key to the FuelBand's success. Unlike calorie counts – which vary based on someone's gender and body type – NikeFuel is a normalized score that would supposedly award all participants equal scoring for the same activity regardless of their physical makeup.

The FuelBand will also provide users with the time, as well as the number of steps taken and calories burned over a 24-hour period. The data is displayed in the wristband's attractive 20 LED dot-matrix display and can also be synchronized to a PC through a USB connection or via Bluetooth to an iPhone app.

Users can set daily goals for how active they want to be. Depending on how far along you are on those goals, a smaller strip of LED lights below the main display goes from red to yellow to green to show your progress. As you'd expect, users can then upload their NikeFuel totals online and share via different social networks.

The Nike+ FuelBand will be available for pre-order starting at 5pm ET today for $150.

This is not the first time Nike has released an exercise-monitoring bracelet. Back in 2008, the company launched the Nike+ SportBand, enabling runners to track distance, pace, time and calories burned.