In a very large bowl combine the cereal, pretzels, peanuts, cranberries, and candy pieces; set aside.
In a medium microwave-safe bowl microwave the candy coating on 100% power (high) for 1 minute. Stir. Continue to cook at 15 second intervals until melted and smooth, stirring after each. Pour over cereal mixture; toss to coat.
Spread mixture on a large piece of foil. Let stand until set (about 30 minutes). Break into bite-size pieces.