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The monitoring of power converters is critical for obtaining systems with self-diagnostic capabilities and fault-tolerant features. This paper presents an analytical work concerning the operation of matrix converters (MCs) under the presence of open-circuit faults and discusses the applicability of a method for the diagnosis of this type of failures. The proposed method uses the absolute values of nine modulated error voltages for the continuous monitoring of the condition of the bidirectional switches of an MC. This method allows a fast detection and location of the faulty switches, independent of the modulation strategy of the converter, its voltage transfer ratio, output frequency, or type of load connected to it, both in steady-state and transient regimes. The theory, validated by simulation and experimental results, demonstrates the applicability of the proposed technique for the diagnosis of faults in MCs.