The paper centers around the methodological question of whether “open texts” could be viewed as representing an image of extra-textual reality at a certain point in time. Assuming a positive answer to the question, it then proceeds to investigate, as a case study, the role of three women in the Alexander Romance, namely that of Olympias, Rodogoune and Candace. Curiously enough, the representation of Olympias in the work is in stark contrast with her depiction in historiographical sources (e.g. Plutarch, Arrian, Diodorus, Justin), as well as with the representation of the other two female characters of the Romance. One way to interpret this incongruity is to attribute it to a narrative technique aiming to present Alexander as a completely independent heroic character, without human weaknesses. On the other hand, the depiction of women in the Romance can be related to the assumed author’s social standing and stereotypes, and probably reflects quite faithfully the reality of the majority of women of the period.