The Gers have stormed clear at the top of SPFL League One, are in the fifth round of the Scottish Cup and have booked a Ramsdens Cup Final berth.
But McCoist is playing down the chances of his side remaining unbeaten for the rest of the season. He said: "We will be guarding against any sort of complacency and the boys know that. Especially at a club like ours, results are the most important thing.
"Obviously performances have to be good in terms of being entertaining and attacking.
"It is difficult to be too critical of performances when they are still winning games and some of them reasonably comfortably.
"We have to take a step back and look at the overall picture and say we are reasonably pleased with where we are at the moment.
"I wouldn't go as far as saying there is an air of invincibility but what we do try and build is a really strong winning mentality.
"With extreme hard work and the talent within the team, if you combine the two, the chances are you will win the majority of your games. That is what we are trying to breed into the lads.
"At this moment in time, we have won 20 games in a row and that shows they are doing more right than wrong.
"But I wouldn't say there is an air of invincibility about them."
Despite easing to the Third Division title last term, McCoist made sweeping changes to his Light Blues squad in the summer as he recruited a host of quality additions.
And the Gers gaffer has hailed his new Blues for the way they have adapted to life at Ibrox and met the demands of an expectant fanbase.
"I am really, really delighted with them," McCoist told RangersTV.
"The majority of them are completely new to the club and they are coming to a club where they are expected to win and coming from clubs where the pressure to win games, in my opinion, isn't as great.
"For them to change that mentality and get into that frame of mind as quickly as they have done, we have been delighted.
"The staff are delighted with that part of their progress. We need to keep on top of that and certainly guard against any complacency at all."