You can find an IV that makes sense for a single option with invalid other parameters, but things will break down when you go to price other expirations / strikes.
When trading, you don't want to wait to see an "updated" IV, you would want to respond directly to changes in important and well understood parameters like underlying price.
When trading, you don't want to wait to see an "updated" IV, you would want to respond directly to changes in important and well understood parameters like underlying price.