Kapil Dhama of Options 360 has explained in a detailed yet simple manner how to make adjustments to the Iron Fly and Debit Spread. He has pointed out with the help of practical examples that we can make adjustments and convert the Iron Fly into a "risk-free" one. Similarly, he has explained how a debit spread can be adjusted so as to extract the maximum profit from it and to salvage it from loss, if it goes bad.