Coyle took over at the Reebok in January of this year and has steadily altered the style of football at the club.
The 44-year-old has introduced a fluid attacking style to the team combining it well with Bolton's more traditional physical qualities.
Wanderers have been praised this season having only lost one of six Premier League fixtures so far.
Coyle's side held Manchester United to a exciting 2-2 draw on Sunday in a game from which they might have taken all three points.
However, Coyle insists there is still a long way to go in terms of the team's development.
"We are not anywhere near where I would like us to be," he said.
"This is very much a work in progress, but we are hopefully evolving day by day and trying to get better in certain aspects.
"We don't lose sight of the attributes we already have at the football club though and ultimately we try to play to our strengths.
"We have only lost one game in the Premier League at Arsenal in controversial circumstances, so we are hopefully getting there bit by bit.
"We are improving and we need to start turning draws into wins, but certainly there is a lot to be pleased about."
Coyle admits Sunday's dramatic draw against Sir Alex Ferguson's side showed how the players' approach to games has transformed during his time in charge.
"If you had looked at us when I took over in January, we were in the bottom three and it was a team that was low on confidence," Coyle said.
"They were fragile and they hadn't had a shut-out in any of the previous league games that season.
"If you compare that to the energy and belief we showed last week, then hopefully we are going in the right direction, but it doesn't take six or nine months for all of that to come to fruition. It takes a long time to build."
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