He spent most of his professional career with Belgrano.
Born in Córdoba in the namesake province, Olave started playing professionally with hometown's Club Atlético Belgrano, also having a brief loan spell in Bolivia with Club Bolívar. After the former was relegated to the second division in 2002 he moved to Club de Gimnasia y Esgrima La Plata, where he first established as a Primera División player.
In 2004, Olave joined Real Murcia in the Spanish second level, where he served as backup. Upon returning to Gimnasia he continued as a starter, but was relegated to the bench after several off-key performances; his replacement, Carlos Kletnicki, did not convince new manager Francisco Maturana, who required that a new goalkeeper be acquired in the next transfer window, and Sebastián Cejas was brought in from Colo-Colo.

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