Combine cereals, pretzels, peanuts and m&m’s in a large bowl, set aside.

In a medium bowl, microwave chocolate in 30-second increments, stirring well after each time, until chocolate is melted and smooth. (I always add 2 teaspoons of canola/vegetable oil to the chocolate before microwaving). Be careful not to overheat the chocolate! When the chips are all just about melted, but you can still see some unmelted chips, keep stirring and the few unmelted ones should melt while you stir.

Pour melted chocolate over cereal mixture, stirring to coat.

Pour onto waxed paper to cool. Store in airtight container.