England youth international Armstrong joined the Trotters on a six-month loan deal from Premier League outfit Newcastle during the summer and he has featured regularly for Phil Parkinson's side.
The 20-year-old grabbed his first league goal for Bolton during last week's 2-1 victory over Norwich and has certainly caught the eye of fellow forward Madine, who has tipped the youngster to go on a goalscoring run after breaking his duck.
“He is a great finisher and maybe not everyone has seen that yet," Madine told The Bolton News. “But we do see it every day in training.
“He hadn’t scored for a few games but he’s got off the mark now in the league so I think he’ll push on from there."
Madine is also keen for his strike partner to extend his loan-spell until the end of the season, something he believes will happen over the coming weeks.
Asked whether Bolton can get the deal done, Madine said: “I am hoping so. I know the gaffer will probably want him to and I know Adam will want to stay as well."