I also found that it works great on hock and hip sores. Izzy's are now mostly gone, thanks to the Vitamin E oil, but Speedy just started a new hock sore the other day.
To apply, I simply snip off the tip of the capsule with a pair of scissors and gently squeeze a bit onto my finger. I then dab it wherever I see dry or damaged skin. It helps to loosen crusted on dirt, like in the photo of Speedy's hock, and seems to promote healthier skin. If I apply it for several days in a row, hock sores disappear quickly and healthy skin is left behind.
As far as price, I know I paid no more than ten bucks for a bottle of 100 capsules. If the wounds are all small, I can treat all four legs with one capsule. I know Vitamin E oil also comes in a liquid, but the capsules seemed cleaner without so much cross-contamination.
I actually like the coconut oil better. It's thinner and lighter and seems to absorb without as much oily residue. And even though I bought the refined version, which is supposed to remove the odor and taste of coconut, both of my boys were very interested in the jar and eager to get a closer look.
While there isn't much clinical evidence supporting the health benefits of Vitamin E and coconut oil, I saw benefits of using the Vitamin E. And since both oils are fairly cheap and won't do any harm, I am keeping them as a go-to for minor wounds and skin ailments.
What's your experience with using oils on your horse's skin?