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Welcome to JUST ANSWER heavy equipment. With years of experience, I look forward to doing my best to help. The frame being the reservoir, there is a drain plug on the left rear, bottom area of the frame. Just below the dipstick and breather. Drain the oil and change the filters, and refill with the New Holland 134 hydraulic oil. You can raise the front of machine with the bucket to make oil drain easier.
is there 4 plugs in total? i see one beside each wheel on the frame. i also see a plug in the middle under the engine which i believe is for draining the motor oil?
If in doubt, you can always remove a hose to one of the functions, like the bucket cylinder and then run the function to let oil out through the hose. It will empty the system.
I would rather go with the first option as it seems like the safest of the two. Is there 4 plugs in total? i see one parallel to each wheel on the frame. And if I elevate the machine by using the bucket will it let down slowly as the fluid is released or does it lock?\
No, the cylinders will stay, you are only going to drain the tank. The cylinders and pumps will not drain and the control valve will keep the cylinders from moving.