Soak the wood chips for about 30 minutes
Align the 8-quart stock pot bottom with a heavy-duty foil.
Drain the wood chips and position them on the foil.
Cover the chips with another foil.
Place a steamer or pasta insert inside the pot.
Cover the pot using a lid and turn on high heat.
After 5 minutes, smoke should begin seeping from the pot. If the wood chips aren't ignited, help the chips move along with a lighter.
Uncover the pot and throw your choice of green olives or black olives into the steamer rack. Also, pour the olive oil onto your choice of premium olives.
Cover the pot and switch the heat from high to low.
Wrap the edge of the pot using foil to prevent the smoke from escaping.
Smoke the premium olives for about 25 to 30 minutes.
Store the olives in an airtight container for about 5 days in the refrigerator.