Best practices in algo wheel design and implementation

How have algo wheels developed in the last decade? Algo wheels are the application to trading of the idea of randomised controlled trials, which
originally comes from the natural sciences. When you have some new innovation in the healthcare space, for example, you have to make sure that a new treatment actually works and improves outcomes for patients.

In the case of finance, this translates into the outcomes for orders. Trials are run by splitting the orders into two groups; a treatment group and a control group. That’s done at random so you know that any difference between those groups is due to the treatment itself and not because one group contains a higher number of more difficult orders.