1. A method for monitoring wear of a continuous chain having a plurality of links successively connected comprising the steps of: spacedly positioning a pair of sensors along said chain wherein said sensors generate signals by sensing the presence and absence of each of said links; processing said signals generated by said sensors to calculate the necessary time intervals for providing an output indicative of chain wear wherein said signals are continually generated and processed for each of said links throughout said entire continuous chain to provide an output indicative of chain wear of any portion of said chain; and providing an indicator when said output exceeds a predetermined value.