There is no correlation with signal strength and data speed as long as the connection is stable, assuming no other variation like more people on the node etc.
Here is a simple analogy, think an old telegraph line. You can hear the signal loudly or weakly but as long as your hear the signal you can receive the message. E.g. speed is the same for strong and weak signal.
reply to inGearX I think it depends on cell technology as well. Verizon / Sprint CDMA technology is just as good with one bar as it is with full bars. GSM technology, not so much.
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