Ole is the traditional cheer, although I suspect (but haven't observed) that people may yell other supportive words or phrases as well.
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If a matador is performing well he will hear 'Olé' shouted by the crowd with each cape pass he makes. It is an old term of approval for a job well done.
"Ole!" is the cry of approval from the audience when they are pleased with the matador's performance.
Matadors will sometimes shout toro to get the attention of the bull. The fans in the stands may shout ole if the performance is particularly good.
Olé is the cheer given by the crowd after each cape pass by the matador if he is performing well.