How can I use the relation between Open Interest and Volume for Futures trading?

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.

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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.

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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