You can close an IC because the current limit is 4 legs in one transaction someone correct me if I ' m wrong . You can ' t roll an IC because that would be a 8 leg transaction . Yes , you could roll each vertical separately but you will have to have enough capital to cover the added buying power reduction as the platform has no clue you are doing it separately . So when you roll the puts forward technically you will have puts in future expiration and calls in present for example so it will tie up more capital UNTIL you roll the calls forward . Which then becomes an IC in the future expiration and your buying power will come back to normal . As for legging in , I never leg into an IC . BUT if you did then the standard practice is to close it out together . Legging in is bad because you are just chasing the market in my opinion which is a fools errand . I also don ' t leg out because well , you have nothing balancing out your risk if the market reverses course which happens more than you think . Basically , sell the IC together and close buy it out together . Only under certain cases where I am defending will I let the other side expire and roll forward the one vertical IF I can get credit . Then I ' ll sell the other side to reestablish the IC but rarely can I get a credit on SPX if it ' s in the money and near expiration . If I have to pay a debit then I close out for max loss and deal with it . It is a defined risk trade after all so you know how much you can lose at order entry I never lose that amount though because I manage early . You can ' t go inverted on an IC . You can invert on strangles but the way IC is with the wings , going inverted requires more capital as you have just doubled your max risk . not worth it . Don ' t do it ! Manage defined risk trades knowing what you could lose and try to not lose the max amount . Meaning with 2 adjustments 1 roll up untested side when other side is tested to get more credit . 2 roll up or down again to create Iron Fly if you ' re really screwed break even breached or just blown through both strikes . 3 try to roll at expiration for some more credit otherwise just close out for max loss and avoid the assignment fees which I never pay . I ' ll even close my $ 5 wide for $ 5 . 05 or $ 5 . 10 if I can to avoid the potential $ 30 assignment fees . By the way I say max loss because with proper management you ' ll never lose that much as indicated in order entry . This is my philosophy and all this could be wrong but it works for me . Many people just put IC on , let it ride and let odds play out over time . I prefer to have my winners at $ 6570 20 % 33 % profit and losers at $ 100 with management . If I can win 70 % of the time then I ' ll be profitable over time . Edit typos on profit loss numbers .