This question is a bit confused, but please bear with me. Now and then I see people use the terminology "price volatility" and "yield volatility" in connection with bond options. I understand the concept of implied volatility for equity options, and I know that option prices are often quoted in terms of their implied volatility.
Is this something similar? Take a Bond options for example. Given a market price in e.g. EUR it is possible (analogues to equity options using Black-Scholes) to find an implied volatility (using Black-76). I guess this is the so called price (bond) volatility.
But when it comes to the so called "yield volatility". I cannot understand how these are implied. I have spent some time on Google trying to find a solid source where I can read more about this, but I can't find it.
Thanks in advance for any assistance!