Price increases, trading volume rises, but open interest keeps decreasing. This is what I mentioned earlier about the price increase caused by the proactive closing of positions by the bears. The increase in trading volume often leads to phenomena like 'longs killing longs' and 'shorts killing shorts'.
What are 'longs killing longs' and 'shorts killing shorts'? A straightforward explanation is that initially bullish investors start shorting, joining the bear camp, which is called 'longs killing longs'; initially bearish investors start going long, joining the bull camp, which is called 'shorts killing shorts'.
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It essentially involves investors who like to trade frequently flipping between long and short positions, along with some high-frequency traders engaging in ultra-short-term trades. Thus, the trading volume is large, but overall open interest does not change significantly.
I generally do intraday trading based on this 'price, volume, open interest' combination, but I won't easily hold positions overnight.