Hi, I'm an Australian Diamond I player (both NA and OCE) and this is my guide to building AP Olaf and fulfilling the roles of AD carry, jungle, tank and self-support with it. It is extremely useful when you need to post screenshots for people on reddit.

The reason this build is successful is due to the deception of using an unconventional build (AP in this case). If you think about it, Olaf players usually build nearly full tank (or even full tank), relying on base damages. If you use an AP build you will do nearly full damage (or even full damage!), but your opponents will underestimate you, allowing you to easily win the game. Most builds prioritise stats, but this build is extremely good for mind gaming - something most builds don't do well at.

Pros:

Mind games.
Good base damage.
Good for screenshots on reddit (via imgur).
Can achieve minor karma gains.

Cons:

Poor scaling if mind games fail.
People question you when you die 1v0.

Afk up to 1:30 or so while you decide whether you can survive the jungle without a machete, but ultimately make sure you get the machete.

Start at blue because you were late, moving to wolves after that. Continue to wraiths then red. After that, clear camps on both sides of the jungle as the opportunity arises. If you see a large wave stacked up in a lane that you can reach quickly, you may want to go there to increase total gold gain.

If a friendly minion refuses to take a turret shot to give you enough HP to do enemy red, simply do red anyway to spite it. That usually works.

You do not need any additional stats or pots to successfully clear the jungle if you're willing to be at low hp.

You can see from the screenshot I tookthat this build is very effective, even if you forget to buy the items before surrendering.

19/July/2013

Updated to reflect more efficient build - by starting with all consumables, you can avoid wasting gold on machete and reach your core items faster.

Changed 4th skill point to E instead of W - your clear speed increases by being on low HP and the extra sustain from the second point actually slows your clear, with the increased damage unable to offset the increased health.

Updated introduction to reflect current rank, as well as transfer to OCE.