Not Updated For Current Season
Warmog's Armor for health to increase the damage of Vicious Strikes. 2 Bloodthirsters and Stark's Fervor to increase Damage, Life Steal and Attack Speed. Spirit Visage to increase health for Vicious Strikes and increased health regen effects from Life Steal. Boots of Swiftness to chase down nuisances and destroy them. Glyph and Seal slots runed for Alacrity (aka more Attack Speed). Mark and Quintessence slots runed for Desolation (aka more Armor Penetration). Ghost to chase. Exhaust to slow and reduce armor of targets. Masteries set up 1/21/8 for Health, Defense, Regeneration, Experience and improved Summoner Spells.
Skill Sequence is as follows:
Q - W - Q - W - E - R - E - E - E - E - R - W - W - W - Q - R - Q - Q
Undertow and Vicious Stikes first to 2 Ranks. 1 Rank into Reckless Swing, get Ragnarok, and then MAX out Reckless Swing. Afterwards, put the 2nd Rank into Ragnarok, and then MAX out Vicious Strikes. After that, put Ranks into Undertow until you can get the final Rank in Ragnarok. Proceed to finish Ranking up Undertow and then destroy all who oppose you.
Total Kill estimation with a GOOD team guesstimated at 15+ kills. Total Kill estimation with an EXCELLENT team guesstimated at 25+ kills.
Total cost of items: 13,620g
Obtaining Blue and Red Buff IS recommended until around level 10. After that, Blue Buff is the most important thing, as Olaf expends Mana amazingly fast. Leaving your lane 1 man short for too long is bad. This build does not condone Jungling, as Olaf is no longer really a viable Jungler.
Beginning the game with another Initiator or with a Ranged Champion. Keeping your opponents guessing when you'll decide to Undertow is your advantage. If you feel brave enough to attempt a Kill, or someone is going to help you Gank, prepare to let fly Undertow, Exhaust and Ghost. You want to stick to your target like glue and drain your Mana bar in order to do as much damage as humanly possible. Otherwise, just forcing enemy Champions to retreat and Recall is good enough. Getting killed as Olaf, since his nerf, will make you the weakest link on the team and Feeding will ensue.
GL! HF! OLAF WILL PREVAIL!