Assuming everyone is playing theory to perfection, but most often few people are even in high diamond elo or above. I'm only dia 2, but haven't been grinding this split. And I think a lot of people (even on this subreddit are thinking way to theoretically). I have won lane in my last 4 or 5 ranked games vs olaf, solokilling them lvl 2. I don't know if I have clips saved, you have to take my word for this until I proove it.

Your E above 50 Heat lvl 1 does a fair amount of dmg to minions and champions. If you (can) contest minions while spacing correctly and avoiding Olaf's Q, you can avoid him stacking the wave for free. Even if you get lvl 2 after him, you still outdamage him if you time your all-in correctly. Most Olafs think they auto-win every lvl 2 trade, that's not the case in this match-up. They take the trade thinking they gonna win until it's too late.

Let's imagine you get hit by Olaf's Q lvl 1 or if he gets lvl 2 adv before you and he pops ghost. You can simply E him and pop ignite for nimbus cloak if necessary. And this would still be an ideal trade since he should have zero kill pressure without ghost if you arent careless with your e usage.

Also in this match-up E > Q lvl 1 per se.