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 to quote Jack Linden: 
 “We will be moving across to the new Traffic scoring process on Monday 31st August, which means that the Traffic scores you see on Tuesday 1st September will be the new ones.”
“Traffic will be the cumulative minutes spent on the parcel by all visitors to the parcel within the previous day. It will be calculated from the total seconds spent on the parcel, divided by 60 and rounded to the nearest whole minute (up or down). It is calculated in real-time, and will be updated every morning at 1am PST for the previous day.”
complete blog-post you can find here 
  
 technological details to “Search Rank and Traffic” by Liana Linden 
 can be found here
and even moooore details on traffic calculation 
 you can find in the wiki 
Discussion