The SPD_MTM software comprises a sophisticated non-parametric spectral analysis approach based on the adaptive multitaper method (MTM), suitable for colored PSD typically found in Heliophysics time series. This methodology is tailored toward a robust maximum-likelihood characterization of the continuous background PSD and the identification of significant spectrum enhancements due to the occurrence of periodic fluctuations. Thanks to its flexibility and extensibility, this technique has been successfully applied to different datasets, from images to time series, even beyond the Heliophysics field. An open source IDL version of the SPD_MTM software is available at https://zenodo.org/record/3703168 and through the latest Space Physics Environment Data Analysis System (SPEDAS) nightly build. Since the first release of this software three years ago, we have developed new capabilities including: (i) additional functional forms for the background PSD, (ii) ability to remove the contribution of strong monochromatic components (typically associated with instrumental effects), (iii) extension of the capabilities to dynamic spectra. Additionally, we are currently working on a Python implementation of the software which will further broaden the audience of possible users. Here, after a brief tutorial of our procedure, we will show examples of the new capabilities.