Line a large tray or baking sheet with wax paper and set it aside.
Place candy melts in individual microwave-safe bowls. Melt each one on high heat, stirring every 30 seconds until completely melted. Do not overheat. If the candy is too thick, add vegetable shortening or coconut oil in 1 teaspoon increments, up to 1 tablespoon, and stir well. Do not add water or any other liquid as it will make the candy seize up and harden.
Dip pretzels into melted candy, and using a spoon, cover the pretzel about two-thirds with melted candy.
Hold pretzel longways over the cup or bowl, allowing excess candy to drip off.
If applying sprinkles, do so immediately rotating the pretzel rods to coat all sides. Larger sprinkles work best if placed individually.
Place pretzel rod on prepared baking sheet.
If drizzling with additional colored candy melts, allow initial candy coating to set completely. Then, use a spoon or fork to drizzle candy coating over the pretzel rods. Before the pretzel sets, gently pick it up and move to clean wax paper.
Let pretzel rods dry completely (about an hour) before packaging or serving.
Store in an airtight container at room temperature. Placing in the refrigerator may cause the pretzel to soften.