A generally accepted way of measuring the LED current is with a current sensing resistor (CSR). You already know that the voltage will be about 3 to 4 volts across the LED. To sense the current, we put a 1 ohm resistor in series with the cathode (flat spot) of the LED and the negative or ground. For each millivolt on the DMM (across the resistor), there is a milliamp of current flowing through the resistor. If you measure 20 millivolts, then there is 20 milliamps LED current.i used a 1n4148 diode and i tried a 10uf, a 1uf and a .1uf cap. not getting the results i expected. im very interested in figuring out how to acuratly measure the output. if nothing else this is a great learning experience.
Some people say this is not accurate - the meter may be misreading the voltage. But even so, it gives you a relative indication; so if you make a change and find that the meter has increased from 10 millivolts for example to 15 millivolts, then the LED is getting half again as much current. The reading depends on the DMM, but I've found that the expensive Fluke DMMs measure about the same as the $4.00 DMMs from Harbor Freight.