Yes and no, with Torque you cannot monitor fuel pressure or EGT.
sent from my Samsung S4
That's what I was going to say. Yes it is cheaper to use, but you can't get the addons such as EGT or Fuel Pressure. Edge also has nice setups to mount it to the dash. I may look into getting a CTS someday, just not right now.
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Can the torque app monitor the oil pressure? Just the regular oil pressure, not the high pressure oil.
No. It can only monitor what the ECM monitors. The ECM doesn't read normal oil pressure. The gauge on the cluster is little more than an idiot light, it doesn't give any sort of accurate pressure reading, only that there is at least 5 psi, or something like that. I don't remember the exact "switch" point.
If you want to be able to read the actual oil pressure you will have to install a sending unit and either a standard analog gauge or use the CTS or Livewire TS.
UPDATE:
The above quotes are not entirely accurate, at least not anymore. I mentioned earlier in this thread that I thought it WAS possible to get EGT and fuel pressure displayed in Torque and I have now, finally, proved it to myself. However, it is specific to one OBDII adapter manufactuer. PLX is the only manufacturer that I know of that has the devices to allow it.
You will need the PLX Kiwi2 BT (or wifi) adapter, the companion iMFD adapter and the sensors and modules for EGT and fuel pressure. It cost me a little over $300 shpped, but that's still considerably less than the CTS2 monitor alone.
The iMFD adapter isn't shown in this pic, but that's all that's missing.
The actual sensors are installed just like you would for any other system, so I won't go into that procedure. There are plenty of sources for those installations. The biggest difference is that the sensor outputs are then routed to the module boxes supplied and daisy chained together (up to 32 of them:yikes

with the first one in the line being plugged to the iMFD adapter attached to the Kiwi2. The modules require a 12v power source which I accomplished with an add-a-circuit and a 5 amp fuse to power both module boxes I installed.
I cleaned it up a little after that pic. The black box on the bottom is an inverter I already had mounted and it all sits in my little console extension I built for my tablet to sit on.
(old pic, prior to this install)
The wiring for the sensors and modules is pretty well explained in the instructions and is fairly straightforward, so I won't detail that either.
Once it's all connected and you've paired the Kiwi2, you add the gauges just like you would add the native ones except that they show up in the PID list like this:
You should notice that there are 2 fuel pressure PIDs showing. The module is capable of adding another pressure sensor. I plan to get another one and plumb it into the engine oil pressure, or possibly coolant pressure.
This is what you get:
I should note that the PID updates I get from the Kiwi2 are not as fast as with my Scantool.net adapter which is basically realtime. With the Kiwi2 it's more like 1.5 to 2 second intervals. Still acceptable to me, but maybe not everyone. Also, I have gotten a little shaded message on the screen a couple of times that says "Faulty OBDII adapter", though I haven't seen any issues, except once. I lost EOT one time, but restarting the app solved the problem. I will probably contact PLX and/or Torque (Ian) to find out more about this if it continues. The only other issue I have with this setup is that the Kiwi2 turns itself off after a few minutes and you have to turn it on manually the next time you start the truck. My Scantool.net adapter is automatic.
Kiwi2 BT adapter (also available in wifi):
http://www.plxdevices.com/Kiwi-2-OBD2-Wireless-Bluetooth-Diagnostic-Scanner-p/897346002573.htm
iMFD adapter:
http://www.plxdevices.com/Kiwi-2-Wireless-Auto-Aftermarket-Diagnostic-Scan-p/897346002399.htm
EGT Sensor/Module:
http://www.plxdevices.com/EGT-Exhaust-Gas-Thermo-Temperature-Probe-Sensor-p/897346002184.htm
Fluid Pressure Sensor/Module:
http://www.plxdevices.com/Fluid-Oil-Fuel-Pressure-Sensor-Module-p/897346002382.htm
Vacuum/Boost Sensor Module: (future install?)
http://www.plxdevices.com/Vacuum-Boost-Pressure-Gauge-Sensor-Module-p/897346002191.htm