The relationship, for the assumption that you are looking into an organic chemistry applications, is outlined below by their individual references.
Based on the increased tendency of oil or wax double bonds to polymerise or oxidise and that this reactive tendency can be revealed by the proportional absorption of iodine by a given quantity of test material. The tendency of this reaction is modified by temperature and for any useable substrate, demonstrating changes in comparative density can be exploited by various alternate separation processes.
Iodine Value (IV)
Is a value of the amount of iodine, measured in grams, absorbed by 100 grams of a given oil.
Iodine value (or Iodine number) is commonly used as a measure of the chemical stability properties of different biodiesel fuels against such oxidation as described above. The Iodine value is determined by measuring the number of double bonds in the mixture of fatty acid chains in the fuel by introducing iodine into 100 grams of the sample under test and measuring how many grams of that iodine are absorbed. Iodine absorption occurs at double bond positions - thus a higher IV number indicates a higher quantity of double bonds in the sample, greater potential to polymerise and hence lesser stability.
Cloud Point
The temperature at which an oil starts to solidify is known as the cloud point. While operating an engine at temperatures below an oil's cloud point, heating will be necessary in order to avoid waxing of the fuel or blockage of oilways and journals or clogging of filters.
Application of cloud point - Waxes prepared from hydrogenated plant oils, such as palm and soybean, are used as substitutes for petroleum derived waxes in hot-melt adhesive compositions. Unlike petroleum-derived or synthetic waxes, adhesive compositions comprising these waxes, which are obtained from naturally derived, renewable resources, achieve adhesion performance similar to conventional adhesives containing petroleum-derived waxes. The inventive waxes have a low iodine value (between 2-5), and melting points between approximately 120-165 degrees F. (Mettler Drop Point). These waxes comprise a triglyceride whose fatty acids are predominantly stearic acid (C18). The naturally derived waxes are used as an alternative to petroleum and synthetically derived waxes in the manufacture of adhesives used to bond paper, wood, glass, plastic and metal in a variety of manufacturing operations.
drop point - temperature at which a specific phase change occurs i.e. liquid to solid within the constraints of an industrial process e.g. minimum or maximum condensed particle size, time to achieve target particle size or range.