Pressley guided his team through another stellar month, collecting 13 points from a possible 15.
Former Charlton Athletic manager Alan Curbishley chairs the Sky Bet Manager of the Month judging panel and said: "Coventry City's fine form under Steven Pressley continues.
"Their unbeaten month included Pressley's men inflicting a first defeat on leaders Leyton Orient, and a draw against Wolves.
"Despite the points deduction they are now pushing hard for a play-off place."
Sky Sports' Football League pundit Don Goodman said: "Steven's Coventry excelled in October - with four wins and a draw.
"The 3-1 win over Leyton Orient - ending the O's 14-game unbeaten run - marked out his Coventry side's potential."
Online bookmaker Sky Bet make the Sky Blues a 25/1 shot to win all four league matches in November.
Bamford picks up the player award after scoring four goals in the month, including a brace at Gillingham. Another goal at Leyton Orient followed before netting the late winner in a 3-2 win against Rotherham United.
MK Dons manager Karl Robinson said: "Patrick Bamford has worked tremendously hard this season, both on and off the pitch, to improve as an all-round player.
"I think we are seeing the fruits of his labour. Patrick is a talented footballer and a joy to work with.
"He is a natural goalscorer who complements the style of football we play.
"Last month Patrick scored some excellent goals, and I think he fully deserves this award."
Goodman said: "Patrick is only 20 and has huge potential as a striker.
"That's why he has become Karl Robinson's first choice centre-forward.
"Four goals in October, capped off by a fantastic winner against Rotherham, made him the standout candidate for the Sky Bet Player of the Month award."
The League sponsors are offering 4/1 for Bamford to net 20 league goals this season.