General market view is that if there is movement of a stock/future in a particular direction accompanied by increase in volume and OI (open interest), such moves are more convincing and vice versa.
So I guess the best way would be to go back and backtest the particular future/stock that you are tracking, and see if in the past moves that had increased OI and volume, actuatlly lasted longer or not.
Long Unwinding and Short covering WRT to Open Interest and Volume
If the price comes down and open interest reduces/decreases then we can say there is long unwinding.
if the price goes up and open interest reduces then there is short covering on the future.
Increase in Prices + Increase in Open Interest (OI) = Strongly Bullish
Decrease in Prices + Increase in OI = Strongly Bearish
Increase in Prices + Decrease in OI = Mildly Bearish
Decrease in Prices + Decrease in OI = Mildly Bullish
Please attach the links, if you have refered to any, It will be really helpful for everyone