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Olaf is very open to runes; many different combinations can be good with him.

Precision: Not recommended as a primary. If taken as a secondary, choices like Triumph,any of the legends, and Coup de Grace.

Domination: I prefer electrocute, but predator can also be a very good choice also. Cheap Shot almost explains itself, because when fighting as Olaf, you will almost always have a movement impaired enemy, as the slow on your Q is constantly refresh-able. Eyeball Collection is my favorite, for the extra AD, but Zombie Ward is very useful as well. Due to the refresh on your Q, Ravenous Hunter is your best choice, but can be replaced with Relentless Hunter if preferred.

Sorcery: Not recommended to take as primary, but Phase Rush would be your best bet. Ultimate Hat, Celerity, Transcendence, and Waterwalking are all good options.

Resolve: Not recommended as a primary because none of the effects will help you in the jungle or in a 1v1, but Guardian is the most relevant keystone. I very much like demolish, as you can get multiple procs on the same turret (e.g. first turret), but both Font of Life and Bone Plating are also good options. Other recommendations are anything except Second Wind and Unflinching.

Inspiration: Glacial Augment and Unsealed Spellbook are both viable, but Inspiration makes a much better secondary rune. Options include: Magical Footwear, Future's Market, Biscuit delivery, Cosmic Insight, and Approach Velocity.

Maxing Q, Undertow, first, is most important as it is your only form of CC, and having it refreshed over and over again means you want it to do as much damage as possible. Maxing W, Vicious Strikes, second is my preference, as it gives more sustain and ability to gank on more than low health. Some prefer to max E, Reckless Swing, second, as it can be used as an execute for no cost, and is also reduced by 1 second for each basic attack.

Olaf has a very fast clear speed, which I like to take advantage of by starting at Blue Sentinel and doing a full clear including a scuttle crab. You can also do a full clear and gank, buff clear and gank, pretty much any other pathing, because you can use your potions before ganking because you will not need them in the jungle do to the lifesteal on Olaf's W.