A new oscillometric pulse index (OPI) derived from the maximum slope (MS) of each pulse in the oscillometric blood pressure waveform is proposed for blood pressure estimation. Maximum slope for each pulse is obtained using the first derivative of the pulse and an envelope of the values corresponding to the maximum slopes is obtained. The maximum of the envelope is taken as the mean arterial pressure (MAP) and the systolic blood pressure (SBP) and diastolic blood pressure (DBP) estimates are obtained as a fraction of the MAP, similar to the traditional maximum amplitude algorithm (MAA). The proposed algorithm is tested on 18 healthy subjects. The MAP, SBP and DBP estimates obtained from the proposed algorithm are compared with those obtained from a commercial blood pressure device and with the estimates obtained using the MAA and morphological qualitative measures available in the literature.