Analyzing the level of a treating agent and/or stress metals in a body of water containing an inert transition metal tracer added to the water proportionally with the treating agent by determining the absorbance (first absorbance value) of a reagent dye added to water, said dye producing a second absorbance value when reacted at the same concentration with the tracer and stress metals in a measure of said body of water, and said dye producing a third absorbance value when reacted at the same concentration with only the transition metal contained in a measure of said body of water; determining the second and third absorbance values and resolving their differences to determine the concentration of the tracer and, separately, the concentration of said stress metals.