Line a lightly greased 10x15-inch rimmed baking sheet with waxed or parchment paper. Melt candy coating squares in a large microwave safe bowl according to package directions. Gently stir in cereal and pretzels. Spread candy onto waxed paper. Let stand 1 hour or until firm. Break candy into pieces. Store in an airtight container. Makes 1 3/4 pounds.