Build Guide by strudl
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This is my olaf build, I'll keep it as short and simple as possible and only cover the important stuff. I changed it a little so its more of a dps one instead of tanky as I just prefer it this way. You should not stick to this build to the letter as in some cases you will have to get defensive items, if there is a lack of tanks. Adjust accordingly. Also note that the stats above are calculated wrong. Not sure why, but with this build I end up with 3.5k hp and 404 ad with W active.
This is a jungle guide, if you want to lane (dont, but ok), change smite with exhaust and masteries for it.
Items are pretty straight forward, since you'll be jungling Lantern is a must and it comes with a free ward.
I like to get +3 boots, since people tend to run away from an Olaf so you need to catch them somehow, tho sometimes you have to change them to Mercs.
Ghostblade is, in my opinion, a must for any physical damage dealer, it just provides too much bonuses to be left out and it comes rather cheap.
Skipping to Warmongs, you need some hp for durability, your lifesteal should keep you up and Warmongs scales with Olafs W skill super nicely.
Atmas impaler increases your armor, gives you 18% crit chance and with high hp provided by Warmongs, the AD increase is significant.
Trinity force. It might be unusual, since most are acustomed to Frozen mallet. But for just 820 gold more you can get this wonderful item that outperforms FM. For a sacrifice of 450 hp less (i know it scales with Atms, you have to get it first, so it gives you 90 dmg more, but hold on) and a "less" reliable slow, you gain 10 dmg from the item itself, so only 80 lost there, again only after you get Atmas, 30% increased attack speed, 15% increased crit chance, 12% increased movement speed, another 250 mana aaaaaand the final and most importnat thing of all. The proc. On EVERY spell cast, you gain a 150% bonus dmg on your next attack. So take this and put it together with the spammable E and Q Olaf has (with Ghostblade and runes CDR reduction) and notice it will be up all the time. Noone will be able to take that punishement. Those are the reasons i belive Trinity force is a superior item on Olaf, in comparison to Frozen mallet.
Jungle Olaf > other Olafs
I found that jungling is the most effective way to play Olaf. It benefits your team greatly, as you gain an extra lane and another of you teammates will level faster, usually its the tank, but it depends on the team.
Since you're packing smite, most players will want to gank you at blue buff. One way to go at it, is to have your team scout for you, but it will in most cases end up as a team fight in the first minute.
Start off with cloth shirt and 5 healing potions. I like to start at the 2 golems then work my way to blue buff, wolf camp first, then blue, then ghosts and last red. Remember to upgrade your cloth shirt to Razor and then Lantern as soon as possible. Dont forget to setup the Lantern active, since a free ward is always nice to have. Once you have Lantern you can easily kill the bottom dragon for a nice gold bonus for the team. Just make sure you know where the enemy players are. The map is there for a reason.
As a jungler, always help your team, cover their lane if needed and seek opportunity to gank if an enemy player overextends (means: comes very close to your turret). Those are a junglers tasks as well.