The CBOE (Chicago Board Options Exchange) Crude Oil Volatility Index is referred to as OVX.

It shows implied volatility of options on United States Oil Fund (USO).

• tracks 30-day expected volatility in crude oil prices, derived from the pricing of USO options — similar to how the VIX measures expected equity volatility from S&P 500 options.
• Higher OVX values indicate greater expected oil price swings (volatility)

• Lower OVX values suggest more stable expectations for oil prices

• Applies the VIX methodology, meaning it doesn’t assume direction — it simply measures the magnitude of expected moves.

Its useful right now as a gauge of uncertainty in oil markets given Middle East war escalation risks.

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It can be accessed on the Trading View website, the code is OVX, here is a direct link.

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