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Preheat oven to 425°F and line a large sheet pan with parchment paper.
Divide pizza dough into 4 equal parts and roll each dough ball into a 1/4 inch thick circle.
On half of each dough circle, add equal parts sauce, yellow onion, green bell pepper, and sliced pepperoni. Make sure to leave a little room around the edges so you can crimp the calzone shut.
Sprinkle the toppings with equal parts shredded cheese. Then fold the other half of the dough over the toppings and crimp the edges.
Cut 2-3 air vents into the top of the calzone and place it on to the prepared baking sheet.
Brush with olive oil and bake for about 15 minutes or until the dough is fully cooked and the calzone is golden brown.
Serve with warmed pizza sauce for dipping.