Slice the jalapenos crosswise (in circles) and set aside.
Grate the cheddar cheese and set aside.
Dice the onion and set aside.
Spread the tortilla chips on a large microwavable dish.
Top the chips with the grated cheese, diced onion, and jalapenos.
Place the dish in the micowave and cook until the cheese just melts, about 3-4 minutes on high.
When the cheese has melted, remove the dish and top with the black olives.