On waxed paper-lined baking sheets, arrange pecans in small clusters of four to five pecans each.
For caramel, in a small saucepan, combine the milk, corn syrup and sugars. Cook and stir over medium heat until a candy thermometer reads 238° (soft-ball stage). Remove from the heat. Stir in butter and vanilla. Working quickly, spoon caramel onto pecan clusters. Let stand until set.
In a microwave, melt candy coating; stir until smooth. Spoon over caramel. Chill for 10 minutes or until set. Store in an airtight container.
We recommend that you test your candy thermometer before each use by bringing water to a boil; the thermometer should read 212°. Adjust your recipe temperature up or down based on your test.