Our 23 yr old was going through this. Took her to the vet and she has fecal water syndrome. We also found out she can't eat alfalfa anymore. We feed bermuda hay but her grain had alfalfa in it. We put her on omolene 200 as it is the only feed that doesn't have alfalfa in it. Also have her on Gut X. Now her stools are normal.
Free Fecal Water syndrome is a condition in which horses produce normal manure, but before, during, or after defecation watery feces runs from the anus.
Although often concerning for horse owners, it is not associated with infectious causes of diarrhea. However, the watery feces can run down the hind legs and cause skin irritation. Smearing the inside of the legs with petroleum jelly or zinc oxide cream can protect the skin.
There are anecdotal reports that suggest the cause may be due to a range of problems such as poor dentition, stressful situations, parasites, or inflammatory bowel disease.
Some horses respond to dietary management with free-choice hay, and others respond to diets consisting of chaff or chopped hay or hay pellets. Some horses improve with the addition of psyllium husk or table salt (0.5 to 2 tablespoons per day).