Wash chicken and pat dry with paper towels; sprinkle with salt and pepper. Heat olive oil in a 4 or 6-quart pressure cooker. Saute onion and garlic until tender; remove. Brown chicken a few pieces at a time, set aside. Return all chicken to cooker with onion and garlic. Add remaining ingredients, except flour, water and olives.
Close pressure cooker securely with pressure regulator in place. Cook 10 minutes at 15 pound pressure. Cool cooker at once. Remove to warm dish.
If using olives, add to liquid and heat. Blend flour and water. Add to hot broth. Cook and stir until thickened. Pour over chicken. 4 to 6 servings.