Divide the Chex cereal into two large bowls.

Microwave the pink candy melts with 1 tsp vegetable oil in 30-second intervals, stirring until smooth; pour over the Chex in the first bowl and stir to coat.

Transfer the coated cereal to a large resealable bag with ½ cup powdered sugar, seal, and shake until evenly coated. Spread onto a wax-lined baking sheet.

Repeat the process with the red candy melts, oil, and remaining Chex; add to another bag with the remaining powdered sugar, shake, and spread on the sheet.

Let the coated cereal set for about 30 minutes at room temperature before mixing in the M&M’s and sprinkles.

Serve immediately or package in Valentine’s Day treat bags.