A method and system to economically monitor an optical OOK signal that can detect perceptible changes in signal quality and identify the type of optical impairment causing the change. The invention requires a new and novel combination of known techniques to create an eye diagram of the transmitted pulse in a wavelength division multiplexing systems and then removing the noise from the eye diagram. Economy of operation is achieve by using asynchronous sampling techniques for generating the eye diagram. The resulting “cleaner” eye diagram is then analyzed to identify any changes in performance. In the preferred embodiment, the analysis is conducted on histograms generated from eye diagram, the histograms are computed at a number of points across the optical signal pulse period.