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ABLM is a gain control which enables level matched and sample accurate AB comparison of FX chains.

Most DAWs can easily enable/disable (AB) single plug-in or even whole FX chains, but in most case there is an audible loudness difference between both cases. In order to compare the impact of a plugin chain objectively the loudness of the incoming signal should match with the loudness of outgoing signal.

Comparing the plugin effect at equal loudness levels avoids the "louder is better" - pitfall.

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Have you ever seen a plugin that sounds so much better when you put it on? And later discovered that it just adds 1 dB of gain on everything?

Or maybe a new compressor, that has a fixed 2dB steps output knob? So that comparing before and after is a pain?

Or maybe a saturation plugin with no output gain, so that it's almost unusable?