A float is essentially calling in position with the hope to take initiative away on a later street. This is assuming that the aggressor will allow that. It is generally something we do as a bluff. Hoping that player 1 will check fold the turn or river. Player continuation bet so often that a float is a hugely profitable play to make. The standard is to open the pot, cbet, then reassess the action on the turn. Its a pretty automatic play and its done if they have a hand or not.
By calling we can define their hand on the turn, if they check they are probably giving up on the pot, we can now bet to take the pot down. If they bet again we can view their stats for high turn bet % and also look at the board and texture of it to see if floating once more to represent a scare river card would be profitable. The best players to float are the ones who constantly cbet then constantly check the turn, to then check fold as they have given up. This is generally poorer mass tablers who dont pay enough attention to the action. Just make a note on these players. The amount of floats you are missing out on right now will be scary, you will be playing fit or fold or maybe think your hand lacks any equity, for example 78 on a J33 flop.
However floating here is just fine, they have to have a pretty strong hand to keep on betting and on a board like this once called they will probably shut down on the turn and let you take the pot down with a bet. The main key to floating is just paying attention and making sure you know which players to do it too. People go on about being in position to make a hand easier to play but forget about floating and just using it as it makes a hand easier to play. Use position to your advantage even more and take these pots away from your opponents. Dont be put off if you have floated a few hands and they have continued to bet, they probably just have a hand. Long run floating in correct spots will show a big spike in profit and that red line will shoot up!