Beta Coefficient is one of technical indicator used in forex technical analysis. Beta Coefficient used in regression analysis. A beta of 1 indicates that the security’s price will move with the market. A beta of less than 1 means that the security will be less volatile than the market.

The distinction between Beta and Beta 2 is that the Beta2 used moving average of the pace of change in its calculations instead of using the Simple Rate of Change. With either form of beta, securities with a value higher than 1.0 is more volatile than the market. A beta of less than 1.0 is said to be less volatile than the market.

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From Wikipedia
The beta coefficient, in terms of finance and investing, describes how the expected return of a stock or portfolio is correlated to the return of the financial market as a whole. (full article)

From Answers.com
A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. (full article)

From Forexrealm
This indicator is the measure of the security’s systematic risk. Beta Coefficient demonstrates the relative inconstancy of a security, or portfolio, compared to the market situation. (full article)