One of the most challenging issues in stereoscopic image quality assessment (IQA) is how to effectively model the binocular behaviors of the human visual system (HVS). The latter has a great impact on the perceptual stereoscopic 3D (S3D) quality. This paper presents a stereoscopic IQA metric based on the properties of the HVS. Instead of measuring the quality of the left and the right views separately, the proposed method predicts the quality of a cyclopean image to ensure that the overall S3D quality is as close as possible to the binocular vision. The cyclopean image is synthesized based on the local entropy of each view with the aim to simulate the phenomena of the binocular rivalry/suppression. A 2D IQA metric is employed to assess the quality of both the cyclopean image and the disparity map. Additionally, the quality of the cyclopean image is modulated according to the visual importance of each pixel defined by the just noticeable difference (JND). Finally, the 3D quality score is derived by combining the quality estimates of the cyclopean image and disparity map. Experimental results show that the proposed method outperforms many other state-of-the-art SIQA methods in terms of prediction accuracy and computational efficiency.