Preheat oven to 425° F (220° C).
Crack eggs into a medium or large mixing bowl. Add milk and salt. Whisk until yolks and whites of eggs are blended.
Add cheese, and continue whisking to even consistency.
Warm blended oil in a 12" (30.5 cm) skillet. Add peppers and onions, and cook until they are tender. Add salt to taste.
Allow cooked peppers and onions to cool for 2-3 minutes. Add cooked peppers and onions, and olives to egg mixture and stir so they are evenly distributed.
Spray or grease a 9 x 13" (23 x 33 cm) baking pan, then pour egg mixture into it.
Bake for 20-25 minutes, until eggs appear fluffy, and have expanded and cooked. Remove from oven, and allow to cool for 3-5 minutes. Garnish according to preference, slice, and serve.