Line 3 baking sheets with waxed paper or parchment. Set aside.

In a large bowl, combine mini pretzels, toasted oat cereal, crispy corn cereal squares, salted peanuts, and M&M’S. Set aside.

In a microwave-safe bowl, heat chips and oil on medium-high for 2 minutes, stirring once. Microwave on high for 10 seconds; stir until smooth. Pour over cereal mixture and mix well.

Spread onto prepared baking sheets. Cool; break apart. Store in an airtight container.