Begin with a parchment lined baking sheet and place your pretzels in an even layer.
Melt the semi-sweet chocolate, using the double boiler method or in the microwave.
If you choose to melt the chocolate in the microwave, start off with a microwave-safe bowl. Place the chocolate and cook in 30-second increments, stirring well after each increment, until completely melted and smooth.
Pour the melted chocolate over the pretzels, place M&M’s and peanuts in an even layer on top of the chocolate.
To make Homemade Caramel:
In a medium saucepan, heat sugar over medium heat, stirring constantly. The sugar will begin to form clumps and will turn into a light amber color. Continue stirring as the sugar can easily burn.
Once the sugar is completely melted, add the butter. The butter will bubble so be careful when adding the butter.
Stir the butter into the sugar until it is completely melted. Use a whisk to stir the sugar and butter. Drizzle the heavy cream into the mixture and stir.
Let it boil for 1-2 minutes. Remove from heat and stir in sea salt, allowing the caramel to set up. Once the caramel is done, pour over the pretzels. You may not use all of the caramel.
Cover and place in the refrigerator to chill for several hours. If you want to speed up the process, it can be placed in the freezer.