The First Major Discover of Float Analysis

In Truth of the Stock Tape, W.D. Gann ... talked about the amount 
of volume it took  for a stock he was studying to make a 23 point 
move to the upside.  

He said that 1.6 million shares traded hands which was 
"five or six times the float supply."  

In a separate passage he talked about a stock that was 
"changing hands about twice each week."

To understand these passages, we need to know the 
definition of the terms, "Float" or "Floating supply of Shares"

Float - Shares outstanding less stock held by management. The 
number of shares that are actually available for the public to trade.

Here's a stock that looks similar to the one
that  W.D. Gann spoke about and will serve 
as an example of what his passages meant.

From the far left hand price under $15 to 
the very top this stock saw its float 
change hands 3 times

The Float Turnover at a Top