Wanderers have lost only one of six Barclays Premier League fixtures so far this season and on Sunday held Manchester United to a 2-2 draw in a game from which they might have taken all three points.
Coyle had spoken beforehand of how the match at the Reebok Stadium would provide a gauge of his side's progress since he was appointed as manager in January.
The performance suggested the fluid attacking style the 44-year-old has tried to introduce is combining well with Bolton's more traditional physical qualities, but 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," Coyle 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."
Source: PA