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First of all the lawn should not be under stress. Apply 4oz in enough water to cover 1000 square feet ( an area 20x50). Use as a spray and apply until you achieve run off. Four to six times per year times per year gives best results. I used to use it on athletic fields a few days before games and it works very quickly. You will need a good delivery system that you can calibrate. I was applying FE to Perennial Rye, Kentucky Blue and Bent grass. I see you live in Florida so I know you are applying to a warm season grass which I have no experience with in the cooler North East.
cyc- I figured the lawn should be "cooled off" before applying anything. I have St. Augustine grass and down here its about 92 in the shade and the humidity is about 96%--feels like 107. I use the liquid fe about 3 times a year because of all the rain. Its not uncommon for 6-8 inches a week. After a month to 6 weeks the lawn turnes yellow or slightly yellow just because of the rain. I find the fe works fast and is better than just applying more and more fertilizer. Thanks for the info on how much per sq. ft.