In his first two years with the Merengues, Olivares netted at an impressive rate, winning two consecutive national championships and the 1934 Copa del Presidente de la República. In the 1932–33 campaign, he scored 16 goals in only 14 matches to conquer the Pichichi Trophy.
Olivares spent a further three years in the top division, with Donostia CF, Real Zaragoza and Hércules CF. In 1935 he started his coaching career with the second club, going on to act as player-coach for several teams until 1943 and definitely retiring as a player with Algeciras CF in the regional leagues.