开盘之前，MM会根据HV或volatility surface估一个初始IV算bid-ask price。一旦交易开始，

market makers use a dynamic adjustment method to recalculate IV in real time based on transaction prices, order flow, and market conditions, and sets both IV and the option price at the same time. 

另外，正常的流通市场，期权价格调整是实时的。