What is considered high IV? I am looking at GTT and the IV is at 385%. Is this considered high or is value of it relative to other price IVs?
This is the IV chart for GTT for the last couple of months. Maybe this helps you decide whether the current IV is high or not.
As pointed out IV is not absolutely high or low, it is high or low relative to where IV for a stock's options has been over the past month or year depending on what time frame you want to look back at.
It’s rare to see IV over 300 on any options. This is similar to AMC’s and GME’s IV at their peaks of disarray.
@guru's point of disarray is pretty critical in judging IV because it is a backsolve value huge numbers point to a market in disarray and it's one of the key conditions to have workable models. The fact that I can solve for doesn't make it relevant. If you dig down into the original works on option pricing volatility is discussed as a cost of hedging.