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1.
A custom move inspired by the movie "Waiting." Squid Eye is another form of penis manipulation where the user wraps his penis around one of his testicles thereby creating the illusion of a large eye. If the user gets someone else to look at the Squid Eye, he gets to forcefully kick the one who looked.
Squid Eye is most affective if prepared in advance, I.E. getting someone to walk in on it, or having them view in passing
by Master Squid December 21, 2010
 
2.
Someone who's eye is messed up and you can't tell which way or what they are looking at.
I can't tell if Mrs Clifford is telling me or you off she has a squid eye.
by N!COLE April 09, 2007
 
3.
Anal opening.
I spread my fanny lobes and showed her my Squid Eye.
by Van Stevens July 12, 2009