We present the results of new CCD photometry for the contact binary BX Peg,
made during three successive months beginning on September 2008. As do
historical light curves, our observations display an O'Connell effect and the
November data by themselves indicate clear evidence for very short-time
brightness disturbance. For these variations, model spots are applied
separately to the two data set of Group I (Sep.--Oct.) and Group II (Nov.). The
former is described by a single cool spot on the secondary photosphere and the
latter by a two-spot model with a cool spot on the cool star and a hot one on
either star. These are generalized manifestations of the magnetic activity of
the binary system. Twenty light-curve timings calculated from Wilson-Devinney
code were used for a period study, together with all other minimum epochs. The
complex period changes of BX Peg can be sorted into a secular period decrease
caused dominantly by angular momentum loss due to magnetic stellar wind
braking, a light-travel-time (LTT) effect due to the orbit of a low-mass third
companion, and a previously unknown short-term oscillation. This last period
modulation could be produced either by a second LTT orbit with a period of
about 16 yr due to the existence of a fourth body or by the effect of magnetic
activity with a cycle length of about 12 yr.Comment: 23 pages, including 6 figures and 8 tables, accepted for publication
in PAS