Continuing development has increased the capabilities of the spectral‐analysis instrumentation reported earlier [D. E. Wood and T. L. Hewitt, J. Acoust. Soc. Am.35, 1274–1278 (1963)]. This analyzer operates in real time by very rapid scanning of the outputs of a bank of bandpass filters. A unique process of true interpolation generates continuous spectral cross sections that preserve accurate frequency relations of signal components. The cross sections are recorded on strip film by photographing their display on a CR tube. Spectrographic‐picture formats previously described include complete cross‐section records and spectrograms showing amplitude by intensity‐modulation. A new display technique clarifies frequency patterns by marking just at the amplitude maxima or “peaks” in spectral cross sections. The simplified picture of the spectral “hilltops” pinpoints the frequencies and frequency modulations of features such as speech formants. This binary type of picture requires no grey scale and improves the resolution of small features. The “peak” display may be combined with other formats by means of a selector‐combiner device. A novel analog integrator now provides flexible time‐averaging by adding spectral cross sections in numbers variable from 2 to over 1000. The periods of averaging can be overlapped and the integrator could be equipped to provide simultaneous multiple outputs representing different averaging periods. The analyzer system is organized to take full advantage of the various kinds of flexibility with a minimum of operational steps. The combination of simple control, real‐time operation, and strip‐film recording provide the capabilities for large‐scale investigations, while flexibility of analysis and display increase the information to be seen in the spectrographic pictures.