At the command line, how can I 'arrow along' faster using words instead of chr's I am at the command line and I have

. /this/set/of/directory/this_command "parm1", "parm2", "parm3"

When I 'up-arrow' to recall previous lines, how can I move along the line from "word to word". Ideally a directory separator slash ("/") will also count as word demarcation.

On other OS's I can use things like ctrl-[left/right]arrow or alt-[left/right] arrow to move "a word at a time" but I haven't yet found any keystroke combination on a mac that will let me do that.
In Terminal, you can use opt-[left/right] arrow to navigate word by word. Additionally, you can use opt+click to reposition the cursor.