Unbelievable how Nightwolf is so underrated. Yet, he's my main.
Nightwolf is by essence a defensive character, however, when you counter-attack, be sure you use Nightwolf's combo potential to destroy your opponent. Nightwolf is one of those characters you don't want to get caught in one of his combos since he hasn't be nerfed (nor does he need to) and his combos are so diverse and so easily linked together that you'll have to use lots of breakers. However, Nightwolf is arguably one of the hardest characters to master due to his defensive nature and his difficulty to start a successful combo (he doesn't enjoy the wonders of a spear, ice ball or a scream). So, you have to play very wisely with Nightwolf to time his defense and his counter-attacks. I would not advise an offensive game for Nightwolf since the only true offensive move in his arsenal is his shoulder, which can be pretty punishable if your opponent has experience one his side.
In terms of special moves, Nightwolf is probably one of the most balanced characters in the game. Every single special move and its respective enhanced versions are great for many specific situations, none is unecessary.
Nightwolf's special moves:
Shoulder: great for pressure game, for ending a combo and specially for wake-up attacks. The most versatile move in Nightwolf's arsenal.
Lightning: dangerous for distant pressure since it's unblockable, when you do a successful shoulder against your opponent and he is far in the opposite side of the screen, time your lightning and he will be easily hit, Nightwolf's lightning is also great for lazy opponents who just stay there blocking. This move cannot start a combo, nor be linked into one.
Arrow Shot: Nightwolf's projectile, good for zoning and also for ending a combo (which I do not advise since his shoulder and choke are much better options for that matter).
Reflect: Nightwolf's Holy Graal gameplay-wise, if you know how and when to use it, you're fearsome, since it instantly reflects most projectiles in the game.
Axe Swing: perfect combo-starter and perfect anti-air, this move is the basis of most Nightwolf's combos.
Choke: the most powerful option for ending a combo (9% for shoulder, 11% for choke), but you have to time when to use it correctly.
Nightwolf's enhanced special moves:
Power Charge (also know as "double shoulder"): unlike the regular shoulder, power charge has a two hit damage and works full-screen with armor. Perfect for wake-up attacks and for getting close to spammers, also good for ending a combo for more damage percentage.
Thunder Storm: unlike lightning, thunder storm is a perfect combo start due to its pop-up effect, do not use it if your opponent is far from you, but only when you know you can catch him near you.
Multi-Arrow: while it can be used for ending a combo, it's better used as a more powerful replacement to the regular arrows from the opposite side of the screen since it's impossible for your opponent to avoid it both in the air or in the ground, it can be deadly for deciding a match.
Absorb: one of the best enhanced moves in the game, Nightwolf can literally gain life bar (between 5%-10%) for each time he uses it. Use it wisely.
Tomahawk Dash: simply the most deadly of Nightwolf's enhanced moves, you can abuse it for 3 times, it not only has a pop-up effect and leaves your opponent wide open for more combos, as it is truly devastating damage-wise. Note that once you do the third tomahawk dash, there's not pop-up effect and the combo ends there.
Strangle: a substitute to the regular choke but more devasting (choke = 12%, strangle = 16%), it is the best enhanced special move for finishing a combo if your opponent is falling near you, it's even more powerful than power charge itself.
1 - square
2 - triangle
3 - X
4 - circle
B - back
F - forward
J - jump
D - down
P - punch
K - kick
Nightwolf has a lot of combo variety to choose, but I will put my favourite ones here. Have in mind that Nightwolf has a lot of choices combo-wise, you can easily mix up his special moves.
Great basic combos:
F+2, choke (2 hits) - 12%, fantastic because it's pretty fast and unexpected.
F+3, B+4 (2 hits) - 11%, the only low combo in Nightwolf arsenal, use it wisely.
These are my two favourite most basic combos from Nightwolf because they're useful for several situations. The first choice (F+2, choke) is perfect for fast characters because the move itself is pretty fast and the second choice (F+3, B+4) is great for putting pressure on opponents who don't defend low specially when they do a wake-up attack.
Favourite easy combos (meterless):
Mid-screen: 1, 1, axe swing, choke (5 hits) - 21%, combo start with JP = 24%, (6 hits)
Mid-screen: B+1, 1, axe swing, axe swing, shoulder - 26%, combo start with JP = 30% (8 hits)
Corner: 1, 1, axe swing, B+2, 2, 1 (6 hits) - 25%, combo start with JP = 29% (7 hits)
Nightwolf is a great character to start a combo with JP, hence why I added the damage value in case you choose that combo option. Most of Nightwolf's meterless combos are 20%-30%, so learning them is totally worth it and they are pretty easy to do if you time them well. Feel free with to use his variety of specials to ending a combo in different ways.
Favourite complex combo (1-3 meter bars)
Mid-screen 1 bar: lightning EX., axe swing, dash, 1, shoulder - 21% (4 hits)
Mid-screen 2 bars: B+1, 1, axe swing, axe swing EX., axe swing, shoulder EX. - 37% (10 hits), combo start with JP = 40% (11 hits)
Corner 3 bars: B+1, 1, axe swing, axe swing EX., axe swing EX., choke EX. - 43% (13 hits), combo start with JP = 46% (14 hits)
There are sooo many options for meter combos for Nightwolf that would be insane to put them all here. Use a simple combo that requires the axe swing + axe swing EX., then you can end the combo with the enhanced versions of his various special moves such as choke or shoulder or even arrow shut. It's up to you to decide that. The damage power will most likely be 30%-40%!!!
Favourite x-ray combo:
Corner: B+1, 1, axe swing, axe swing, 1, x-ray - 48% (10 hits), combo start with JP = 51% (11 hits)
Nightwolf's x-ray: 34% (3 hits)
In my modest opinion, it's not worth using Nightwolf's x-ray unless in very specific situations where you have to end a close-up match. You can do easy and more complex combos which may require 1-2 meter bars that will do a lot more damage than 34% and you still get 1 meter bar for future breakers. I only use Nightwolf's corner x-ray I wrote above, preferably with a jump punch starter, since I can easily do a damage over 50% in my opponent's life bar, which in my - again - modest opinion is great. And, mostly, this x-ray combo situation is perfectly doable.