Which of the following would represent the most appropriate definition for implied volatility?

It is the volatility of the underlying asset’s returns implied from the price of a traded option and an option pricing model

It is the volatility of the underlying asset’s returns implied from a statistical model such as GARCH

It is the volatility of an option price implied from a statistical model such as GARCH

It is the volatility of an option price implied from the underlying asset volatility