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. Yield: 4 dozen.