By applying olive oil to your skin, cure hives?

Unfortunately no. Hives are very distressing. Unfortunately, topical treatment such as creams, ointments, etc are not effective for treating hives even antihistamine creams. The best treatment for the itching and redness of hives is an antihistamine by mouth such as claritin, zyrtec, Allegra or benadryl (diphenhydramine).