oil pressure problem & no clue whats wrong

(internals are stock 155,000) check oil light came on, checked dipstick no oil. put two quarts then shows overfilled and check oil light turns off. next day start car no oil pressure 0zero then few seconds later, back up to 50. check oil light back on. every 10 minutes or so gauges dips back to 0 and then i can hear tick,tick, tick from engine. but then gauge goes back to 50, about 10 min later back to 0. check oil light is on the entire time and dip stick shows no oil. but i know there's like 7 qtrs in there. help :shrug: :bang:
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Well, drain that sucker totally then fill it up with 3 quarts oil, 1 quart motor flush and 1 quart ATF. Let it idle. If something is amiss, you want it to be amiss at 700 rpms with no load. Let it run a good 20 minutes and watch the guages. You probably have some restriction in there. Then flush and maybe repeat. After 15 minutes, give it a few quick revs to make pressure pulses. You dont use pennzoil do you? That leaves big gunky deposits in the motor after a good 100k. Could be the culprit.

Plus, those oil pressure senders get lazy after a while and their connectors are nothing to cheer about either. I had a goofy sender on my last mustang that I simply ignored.

How does the engine run? A zero pressure motor simply wouldnt run. BTW, the dipstick wont show correct values right after you stop the motor since the oil is still dripping down from all over
I would follow the above information..it's the ticking when the pressure drops that scared me..I'd park it and get to flushing the system to see if maybe the problem is just a restriction.