How can we identify whether a stock option’s Implied Volatility(IV) is high or low (unlike Index IV,

In order to determine whether options are high or low on a volatility-basis, you need to look at its past history.

Just because an option has a 50% implied volatility (which is pretty high for a “normal” stock), doesn’t necessarily mean it’s high.

What if this stock’s options usually carry a 70% volatility? Then that current 50% volatility would be really cheap and could offer some bargains.

You need to find software or a website that calculates past volatility levels in which you could compare one against the other.

Larry McMillan’s website has exactly what you need here: Free weekly implied volatility, historical volatility and volatility percentile data

This is great free information and should help you with what you need.