Usually hives are caused by an allergic reaction to something, but the problem is often compounded by a Lymphatic System failure, which can have a number dermetological ramifications.
The Lymphatic system is crucial to removing cell toxins. The system is dependant on the horses movement, and muscular contraction, to flow properly. Sounds like this horse is getting plenty of movement living in an outdoor situation.
If there is a history of hives, it is possible that the lymphatic system in the cutaneous and subcutaneous tissue is damaged. Regular, intensive grooming can often help the condition, as the grooming process helps greatly to move the lymphatic fluid on through the system. Avoiding extreme temperature changes can also help improve lymphatic system function. Both extreme heat and extreme cold can alter flow of lymphatic fluid.
I have had success dealing with hives where the cause was unknown, just by intensive, regular grooming and trying to maintain horeses environmental temp exposure as consistantly as possible, by avoiding extreme sun heat (time of day turnout, etc.) and extreme cold (blankets or sheets as needed).
Good luck!
p.s. bbuddy...black walnut is not as toxic to horses as people think! The danger is when the inner wood is exposed to the horses hooves, such as when black walnut ends up in the bedding. This can cause a rapid and extreme bout of laminitis that can be difficult to control, often resulting in founder. Other than that exposure, horses can live quite harmoniously with black walnut trees! My horses have shared turnout space with black walnut trees for 40 years! Just an fyi!