Microsoft Dynamics CRM lets you create trace files that monitor the actions performed by various Microsoft Dynamics CRM components. For example, CRM Async service can create its own trace file, which enables you to troubleshoot error messages or other issues with CRM Async service. Apart from that, these Trace files can be an excellent resource for an experienced CRM Developer to understand what exactly is going on behing the scenes.
CrmXpress TraceHelper helps you to enable/disable tracing for Microsoft Dynamics CRM with few clicks. It also gives you the option to manage the trace files from withing a single window.
You can download it from here: http://www.crmxpress.net/tools/CrmXpress.Win.TraceHelper.zip
Remember: Once the settings are applied, IIS must be restarted to take the effect.