What do you mean by ignoring volume? It simply replaces the actual result of a possession with the expected value of that possession.
Can’t say for certain what luck adjustment formula Krishna used. But you can google a lot of the popular methods. Nathan Walker is the first guy who started doing luck adjusted stuff. He works for a team now though, so his stuff might have been taken down from the web. Here’s an article explaining LA methods in long form:
On-off data is the most basic data available for tracking how a team performs when a player is on or off, but it can be improved with luck-adjusted ratings.
fansided.com