Cut bell peppers into 6 strips each, then cut crosswise in halves. Arrange strips flesh side up on an ungreased ovenproof dish. A good way to arrange them is to visualize the plate in three triangles, the points being in the center. Arrange one color pepper on each triangle. Sprinkle with cheese, red pepper and olives. Set oven to broil and broil peppers about 3 to 4 inches from heat until cheese melts (about 3 minutes).