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The phrase "a volatile one" is correct and usable in written English.
It can be used to describe something that is unstable or prone to rapid change, often in contexts related to emotions, markets, or situations.
Example: "The stock market has been a volatile one this year, with prices fluctuating dramatically."
Alternatives: "an unstable one" or "a changeable one".
Exact(24)
He remains a politically incorrect ally, and a volatile one.
They fill chat rooms online and have made the stock a volatile one.
A "punk" spirit, or maybe just a volatile one, seems to be something of a constant for Brolin.
NORTHPORT, N.Y., Nov. 3 — The nine-month relationship that William Murphy and Kristin Wenz shared was a volatile one.
Morgan Stanley said: We expect the situation at RSA to be a volatile one near term as the group works to repair its solvency position.
Mr. Cuttino's daughter, Jennifer Cuttino, a childhood friend of Mrs. Slade's, described the marriage as a volatile one that the new mother nonetheless wanted to save.
Similar(33)
And not only is it a large expense, it is also a very volatile one.
The idea of low-rise buildings piggybacking extra floors is a popular if volatile one these days, especially on the Upper West Side, where the prospect of new three-bedroom apartments is appealing.
This year has been a busy and volatile one for the European Union.
Billy, the volatile one, murders a teenage prostitute which brings on the wrath of a local police chief, Chang (Vithaya Pansringarm).
RiskMetrics calculated the value at risk in aggressive growth funds, or what investors could lose in a typically volatile one-week period.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com