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Notes from the desk.

Long-form posts on strategy, risk, mindset, and the markets we keep returning to. Written by traders, for traders.

FEATURED · EDUCATIONAL RESOURCES · OCT 30, 2026

What Is the OVX? Cboe's Crude Oil Volatility Index Explained

The OVX is Cboe's crude oil volatility index, the oil VIX. Learn how it is built from USO options, how to read it as a price range and why it spikes.

Matt Marino
10 min read
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A price line inside an amber volatility band that stays narrow, balloons at a sudden shock, then slowly narrows again
Disclaimer: The information provided on OptionsTrading.org is for educational and informational purposes only. We aim to help users make informed decisions about options trading, but we are not providing financial advice. We do not make recommendations on specific trades or investment strategies. Options trading carries significant risk, including the potential loss of your entire investment, and may not be suitable for all investors. Always conduct your own thorough research and/or consult with a licensed financial advisor before making any trading decisions.
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Disclaimer: The information provided on OptionsTrading.org is for educational and informational purposes only. We aim to help users make informed decisions about options trading, but we are not providing financial advice. We do not make recommendations on specific trades or investment strategies. Options trading carries significant risk, including the potential loss of your entire investment, and may not be suitable for all investors. Always conduct your own thorough research and/or consult with a licensed financial advisor before making any trading decisions.