The Baggies continue to sit rock-bottom in the Premier League standings, two points from safety, with 13 games remaining.
While they have not been cast adrift at the foot of the table, they have failed to take advantage of the failings of those sides above them.
Olsson insists everyone at The Hawthorns remains optimistic, though, and has backed Tony Mowbray's men to clamber out of trouble by sticking to their footballing philosophy.
"We absolutely have the material to stay up," the Swedish defender told Slitz.
"Even if we have lost a lot of games we have continued to play football.
"If we had been slaughtered in every game I would be worried, but we are still playing well."
FocusOlsson is refusing to even contemplate the possibility of relegation, keen to avoid the issue of where his future would lie should that outcome materialise.
"I don't think that far ahead," he added.
"It might sound like a cliche, but for now I am only focusing on staying up.
"Our focus has to be on avoiding relegation and I believe 100 per cent that we will make it."