In a large bowl, combine the cereals, peanuts and pretzels; set aside. In a large microwave-safe bowl, melt the candy coating, peanut butter chips and oil; stir until smooth. Pour over cereal mixture and stir to coat.
Spread onto waxed paper-lined baking sheets; let stand until set. Break into pieces. Store in an airtight container. Yield: about 4-1/2 pounds.