Manager of the Month Coyle steered his side to three wins and two draws as the Trotters climbed into sixth place.
Striker Elmander was the top flight's Player of the Month after scoring three goals to take his season's tally to eight. The big Swede also created another three for team-mates last month.
Prize guys: Bolton duo Elmander and Coyle (right) show off their awards after being honoured by Barclays
Bolton set the tone for the month with a fantastic 4-2 win at home to Tottenham before a 1-1 draw against Everton and a 3-2 win at Wolves.
Coyle's men then hammered Newcastle 5-1 in a phenomenal display at the Reebok Stadium with Elmander helping himself to a double before finishing the month by battling from 2-0 down to earn a point against Blackpool.
Bolton are due to make the short trip to Manchester City this weekend if the fixture survives the big freeze.
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