Pour olive oil into a nonstick skillet and heat over medium.

Once the oil is warm, add onion and peppers and sauté about 2 minutes. Add the ham and cook for 2 more minutes.

Whisk together the eggs and milk, then pour into the skillet. Cook about 3 minutes, until edges are dry and the top is no longer runny.

Gently slide a spatula under the omelet and flip one side onto the other. Cook 1 minute, flip omelet, then cook 1 more minute.

Slide or flip the omelet onto a plate. Drizzle with hot sauce, if desired.