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Fast link failure detection in all-optical networks (AONs) can be achieved using monitoring cycles (m-cycles). An m-cycle is a loop-back optical connection of supervisory wavelengths with a dedicated monitor. Compared to the channel- based or link-based monitoring schemes, m-cycle based schemes require much less number of monitors. In this paper, we propose an ILP (integer linear program) formulation for m-cycle design to minimize the network cost. Our contributions are two-fold: 1) non-simple m-cycles are enabled; and 2) an efficient tradeoff is allowed between the monitor cost and the bandwidth cost. Numerical results show that our algorithm outperforms existing algorithms with a significant performance gain.