ALMI's fine, you just can't treat it like ALSI. With ALMI I leave bids/offers in the market for others to hit, not using at-market. I build a position over time and release it as the market moves in my direction. That way the spread isn't relevant because for a given ALSI price the ALMI is usually wider and any out-of-the-money bids get hit just fine. On the spread - it's less reliable than ALSI and you can't push the same volume, but right now it's been 4-20 points, which is irrelevant. End-of-day, different story, but I'm not trying to exit like I would with ALSI. With ALSI I usually want a position *right now*, so far more likely to worry about the spread.
With ALMI I can increase or reduce the position with more granularity, so I have far less of a binary 'in-out' decision. Instead of entering a short at exactly X in a market that could reverse, I can add a bit before X and adjust if the market moves past X. I spend less time watching it. I set up a few bids at various points, continue working, the market moves in my direction or it doesn't. When there's a more perfect setup, I move to the ALSI and watch it more carefully.
Currently, 5 short, avg price (supposedly) 29283. Had 12 yesterday. Few thousand bucks, no stress involved.