Scalpel
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1.Getting started
  • Install Scalpel on Windows
  • Install Scalpel on a Mac
  • Activate your Scalpel licence
  • Connect Scalpel to Interactive Brokers
  • Enable the API in TWS and IB Gateway
  • The IBKR market data you need for Level 2
  • Your first 15 minutes in SIM
  • A tour of the Scalpel cockpit
  • What Scalpel is for, and what it is not
2.Desks and layout
  • Load symbols onto desks
  • Add, remove and resize desks
  • Panel settings: Level 2, tape and chart
  • Set up Scalpel for one, two or three screens
  • Desk badges: DELAYED, NO DATA, STALE and HALTED
3.Reading the market
  • How to read Level 2 in Scalpel
  • Spot iceberg orders on Level 2
  • Read the time and sales tape
  • Hear the tape: tape sound
  • The chart: timeframes, VWAP, EMAs, MACD and delta
  • The read line and the chart read bar
  • Read the players on Level 2: venues, refills and size
4.Placing trades
  • Sizing presets: shares, dollars or risk
  • Trade a fixed dollar risk with Risk (Cents)
  • Hotkeys: the defaults and how to change them
  • Entries: marketable limits, offsets and partial fills
  • Scale out and flatten
  • The order bar and orders panel
5.Stops and targets
  • How Scalpel's stops work
  • Move your stop and target on the chart
  • Breakeven and trailing stops
  • R multiples: how Scalpel measures a trade
  • Stops in the pre-market: why they cannot sit on the book
6.SIM and LIVE
  • Paper trading with SIM
  • Switch to LIVE safely
  • Commissions: pick your IBKR plan
  • Analytics: review your trading
7.Risk controls
  • Set a daily loss limit (the kill-switch)
  • Fat-finger and max-position caps
  • Why Scalpel is long-only
8.Scanner
  • Set up the IBKR scanner
  • Scan types: momentum, running up and setups
  • Scan the pre-market
  • Shares out, short interest and the squeeze score
  • Arrange scan panels
9.Intel: borrow, dilution and catalysts
  • Turn on intel
  • Check a stock for dilution before you buy
  • Borrow, short fees and squeeze setups
  • Why is it moving? Catalyst grading
  • Every intel chip, explained
  • Warrant and offering lines on the chart
  • The dilution entry guard
10.Audio and alerts
  • Voice callouts and sounds
  • Alerts and toasts
11.Settings reference
  • Settings: Connection
  • Settings: Trading
  • Settings: Stops
  • Settings: Risk
  • Settings: Sizing
  • Settings: Appearance
  • Settings: Audio
  • Settings: Hotkeys
  • Settings: Intel
  • Settings: About
12.Licence, updates and account
  • Move your licence to a new computer
  • Updates: how Scalpel updates itself
  • Try new features early: the beta channel
  • Refunds, invoices and billing
  • Earn with the referral program
  • Get help on Discord
13.Troubleshooting
  • Scalpel says Disconnected: fix the IBKR connection
  • TWS is running but not accepting the connection
  • TWS signs out when IB Gateway starts
  • Delayed data, NO DATA or STALE, or Depth unavailable
  • A LIVE order was rejected
  • An order did not fill, or only part filled
  • Scan panels say the IBKR scanner is off or waiting
  • Licence: machine limit reached
  • Licence: Scalpel cannot reach scalpeltrade.com
  • Windows protected your PC: installing Scalpel
  • An update did not install, or Scalpel went back a version
  • The chart or app window is blank
  • The order bar is greyed out
  • No callouts or tape sound
  • Intel shows nothing or SEC filings are off
14.Tips and tricks
  • 40 Scalpel tips for faster, safer scalping
  • A pre-market routine with Scalpel
  • Trade without touching the mouse
  • Settings for a small account
  • Your first week: a SIM practice plan
  • The momentum method Scalpel is built around
15.Glossary
  • Day trading glossary
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Trading involves substantial risk of loss. Scalpel is software, not investment advice. LIVE mode places real orders in your Interactive Brokers account. No warranty. Simulated or replayed results do not guarantee future results. Scalpel is independent software and is not affiliated with, endorsed by or sponsored by Interactive Brokers LLC. IBKR and TWS are trademarks of their respective owners. Figures shown on this site are demo data, not live quotes. Scalpel is sold by QUITE RIGHT LIMITED, registered in England and Wales, company number 17053815. Copyright 2026.

    All guides
    1.Getting started
    • Install Scalpel on Windows
    • Install Scalpel on a Mac
    • Activate your Scalpel licence
    • Connect Scalpel to Interactive Brokers
    • Enable the API in TWS and IB Gateway
    • The IBKR market data you need for Level 2
    • Your first 15 minutes in SIM
    • A tour of the Scalpel cockpit
    • What Scalpel is for, and what it is not
    2.Desks and layout
    • Load symbols onto desks
    • Add, remove and resize desks
    • Panel settings: Level 2, tape and chart
    • Set up Scalpel for one, two or three screens
    • Desk badges: DELAYED, NO DATA, STALE and HALTED
    3.Reading the market
    • How to read Level 2 in Scalpel
    • Spot iceberg orders on Level 2
    • Read the time and sales tape
    • Hear the tape: tape sound
    • The chart: timeframes, VWAP, EMAs, MACD and delta
    • The read line and the chart read bar
    • Read the players on Level 2: venues, refills and size
    4.Placing trades
    • Sizing presets: shares, dollars or risk
    • Trade a fixed dollar risk with Risk (Cents)
    • Hotkeys: the defaults and how to change them
    • Entries: marketable limits, offsets and partial fills
    • Scale out and flatten
    • The order bar and orders panel
    5.Stops and targets
    • How Scalpel's stops work
    • Move your stop and target on the chart
    • Breakeven and trailing stops
    • R multiples: how Scalpel measures a trade
    • Stops in the pre-market: why they cannot sit on the book
    6.SIM and LIVE
    • Paper trading with SIM
    • Switch to LIVE safely
    • Commissions: pick your IBKR plan
    • Analytics: review your trading
    7.Risk controls
    • Set a daily loss limit (the kill-switch)
    • Fat-finger and max-position caps
    • Why Scalpel is long-only
    8.Scanner
    • Set up the IBKR scanner
    • Scan types: momentum, running up and setups
    • Scan the pre-market
    • Shares out, short interest and the squeeze score
    • Arrange scan panels
    9.Intel: borrow, dilution and catalysts
    • Turn on intel
    • Check a stock for dilution before you buy
    • Borrow, short fees and squeeze setups
    • Why is it moving? Catalyst grading
    • Every intel chip, explained
    • Warrant and offering lines on the chart
    • The dilution entry guard
    10.Audio and alerts
    • Voice callouts and sounds
    • Alerts and toasts
    11.Settings reference
    • Settings: Connection
    • Settings: Trading
    • Settings: Stops
    • Settings: Risk
    • Settings: Sizing
    • Settings: Appearance
    • Settings: Audio
    • Settings: Hotkeys
    • Settings: Intel
    • Settings: About
    12.Licence, updates and account
    • Move your licence to a new computer
    • Updates: how Scalpel updates itself
    • Try new features early: the beta channel
    • Refunds, invoices and billing
    • Earn with the referral program
    • Get help on Discord
    13.Troubleshooting
    • Scalpel says Disconnected: fix the IBKR connection
    • TWS is running but not accepting the connection
    • TWS signs out when IB Gateway starts
    • Delayed data, NO DATA or STALE, or Depth unavailable
    • A LIVE order was rejected
    • An order did not fill, or only part filled
    • Scan panels say the IBKR scanner is off or waiting
    • Licence: machine limit reached
    • Licence: Scalpel cannot reach scalpeltrade.com
    • Windows protected your PC: installing Scalpel
    • An update did not install, or Scalpel went back a version
    • The chart or app window is blank
    • The order bar is greyed out
    • No callouts or tape sound
    • Intel shows nothing or SEC filings are off
    14.Tips and tricks
    • 40 Scalpel tips for faster, safer scalping
    • A pre-market routine with Scalpel
    • Trade without touching the mouse
    • Settings for a small account
    • Your first week: a SIM practice plan
    • The momentum method Scalpel is built around
    15.Glossary
    • Day trading glossary
    Guides/1. Getting started

    Guide 1.3

    Activate your Scalpel licence

    Beginner, 5 min read. Checked with Scalpel 1.12.8 on October 15, 2026.

    In short

    Your licence key looks like SCLP-XXXX-XXXX-XXXX-XXXX. It is on your account page at scalpeltrade.com and in your purchase email. The first time Scalpel opens it shows the licence screen: paste the key, click Activate, and the cockpit opens. One licence covers two computers; Scalpel checks it at every start and every 12 hours, and keeps working for up to 72 hours if it cannot reach scalpeltrade.com.

    Scalpel is a one-off purchase: one payment, a lifetime licence, two computers, every update. There is no trial mode, so the licence screen is the first thing a new install shows. It takes about a minute.

    Before you start

    • Scalpel installed (guide 1.1 for Windows, guide 1.2 for a Mac).
    • An internet connection for the first activation.
    • A licence. No licence yet? The licence screen's Buy a licence button takes you to the pricing page. Every purchase has a 7-day refund (guide 12.4).

    Activate Scalpel

    1. 01

      Copy your key from your account page

      Sign in at scalpeltrade.com/account with the email you bought with (Scalpel sends you a sign-in link; there is no password). Your key is in the Lifetime licence panel. Click Copy key. The same key is in the email you got when you paid.

      Lifetime licenceActive
      SCLP-7K3M-Q9XD-2HTF-W8RBCopy key
      Machines 0 of 2Not activated yet. Start Scalpel and paste the key when it asks.
      Simplified. The licence panel on your account page: the key, Copy key, and the machines using it. Machines 0 of 2 means it has not been activated anywhere yet.
    2. 02

      Paste it into the licence screen

      Open Scalpel. After the splash you see Activate Scalpel. Click the key box 1 and paste with Ctrl+V (Cmd+V on a Mac).

      You do not have to be exact: spaces are dropped, upper and lower case are the same, and the letters O, I and L are read as 0, 1 and 1, the characters keys use instead.

      Activate Scalpel
      Paste your licence key. It is on your account page and in your purchase email.
      SCLP-7K3M-Q9XD-2HTF-W8RBActivate
      Already bought one?Find my key
      No licence yet?One payment covers two computers and every update, with a 7-day refund. Buying takes a minute at scalpeltrade.com; your key arrives straight away.
      Buy a licence
      This computer: TRADING-PC. Each licence covers two computers; free one up on your account page.
      12345
      The licence screen: the key box 1, Activate 2, Find my key 3 (opens your account page), Buy a licence 4, and this computer's name 5.
    3. 03

      Click Activate

      Click Activate 2 or press Enter. The button reads Checking... while Scalpel asks scalpeltrade.com, then the cockpit opens. Scalpel saves the key, so you never type it again on this computer.

    4. 04

      Check it in Settings

      Open Settings (Ctrl+,) and the About tab. Under Licence you see Licensed with your key masked to its last four characters, such as SCLP-****-****-****-W8RB, and how many of your two computers are in use. Manage licence and computers opens your account page.

    Back on the account page, the computer now appears under Machines 1 of 2 with the name from the licence screen 5, when it was last seen, and the Scalpel version it runs.

    Two computers per licence

    A licence is for one trader on two computers: a desktop and a laptop, or a Windows PC and a Mac. Each computer is recognised by a private fingerprint of its system ID; Scalpel never sends your files or your trading to the licence server, only the key, that fingerprint, the computer's name and the app version.

    To use Scalpel on a third computer, free one first: on your account page, click Free this machine next to the one you no longer use, then activate the new one. You can free up to three computers in any 30 days; ask in Discord if you need more. Step by step: guide 12.1.

    Note

    Reinstalling Scalpel, moving the app or updating it does not use a new slot. The slot belongs to the computer, so the same machine always activates into the slot it already has.

    The 12-hour check and the 72-hour offline grace

    Scalpel checks the licence when it starts (the launch screen stays on the Scalpel logo with "Checking your licence" until it answers, about 10 seconds at most if scalpeltrade.com cannot be reached) and every 12 hours while it runs. Each good check gives this computer a signed pass that is valid for 72 hours without the internet. So:

    • Your internet drops, or scalpeltrade.com is down: nothing happens. Scalpel runs on its last pass, and Settings > About says checked offline and how long is left.
    • Scalpel cannot check in for more than 72 hours: the next time it starts, it asks you to connect. It never locks you out in the middle of a session.
    Settings
    ConnectionTradingStopsRiskSizingAppearanceAudioHotkeysIntelAbout
    Scalpel
    v1.12.6 (a1b2c3d)
    Licence
    Licensed (SCLP-****-****-****-W8RB), checked offline. Scalpel needs to reach scalpeltrade.com within 2 days.
    Manage licence and computers
    Updates
    ChannelStable
    CancelApply
    Settings, About during the offline grace: Scalpel has not reached scalpeltrade.com recently and says how long it can keep running without it.

    A licence problem never traps you in a trade

    If a check fails while you trade (the licence was refunded, say, or the offline period ran out), Scalpel shows a banner under the header that says so and keeps running until you quit. Your positions, orders and app-monitored stops carry on as normal.

    If the licence screen ever appears at start-up while you still hold something (a position left over in your IBKR account, for example), it shows what is open and a red Flatten all button that closes everything at the market. Your stops are still being watched in the meantime.

    Activate Scalpel
    Paste your licence key. It is on your account page and in your purchase email.
    SCLP-7K3M-Q9XD-2HTF-W8RBActivate
    Already bought one?Find my key
    No licence yet?One payment covers two computers and every update, with a 7-day refund. Buying takes a minute at scalpeltrade.com; your key arrives straight away.
    Buy a licence
    This computer: TRADING-PC. Each licence covers two computers; free one up on your account page.
    You have an open position. Your stops are still watched; Flatten all closes everything at the market.Flatten all
    The licence screen with a position still open: the stops are still watched, and Flatten all closes everything.

    What the licence screen can say

    MessageWhat it meansWhat to do
    That licence key was not found. Check it on scalpeltrade.com/account.A typo, or a key from somewhere elseCopy the key from your account page again
    That licence key is not in the right format.Characters are missingPaste the whole key, starting SCLP
    This licence is already active on 2 machines. Free one at scalpeltrade.com/account.Both slots are takenFree one on your account page, then click Try again (guide 13.8)
    Scalpel can't reach scalpeltrade.com to check your licence. Check your connection and try again.No internet on the very first activationGet online and click Try again (guide 13.9)
    This licence is no longer active (refunded or disputed).The purchase was refunded or charged backBuy again, or contact support if this is a mistake
    Scalpel is not licensed on this computer
    This licence is already active on 2 machines. Free one at scalpeltrade.com/account.
    SCLP-7K3M-Q9XD-2HTF-W8RBActivate
    Already bought one?Find my key
    No licence yet?One payment covers two computers and every update, with a 7-day refund. Buying takes a minute at scalpeltrade.com; your key arrives straight away.
    Buy a licence
    This computer: TRADING-PC. Each licence covers two computers; free one up on your account page.Try again
    Refused for the machine limit. Free a computer on your account page, then click Try again: the key you pasted is kept.

    Questions

    Where do I find my Scalpel licence key?
    On your account page at scalpeltrade.com/account, in the Lifetime licence panel, with a Copy key button. It is also in your purchase email. The licence screen's Find my key button opens the account page.
    Is there a free trial?
    No. Scalpel needs a licence key to open. Every purchase has a 7-day refund instead, and the whole app, SIM included, is yours from the first minute.
    How many computers can I use Scalpel on?
    Two at a time, Windows or Mac in any mix. Free one on your account page to move the licence to another computer; you can free up to three in any 30 days.
    Does Scalpel need the internet to run?
    It needs to reach scalpeltrade.com to activate and then at least once every 72 hours. Between checks it runs offline on its last check. It always needs your TWS or IB Gateway connection for market data.
    What happens if my licence check fails in the middle of a trade?
    Nothing changes until you quit. Scalpel shows a banner and keeps running, your stops keep being watched, and it asks for the licence again at the next start.

    Related guides

    Guide 12.1Move your licence to a new computerFree a computer on your scalpeltrade.com account and activate Scalpel on the new one. How the two-computer limit and the monthly reset allowance work.Guide 13.8Licence: machine limit reachedScalpel says your licence is already active on two machines: free one on your scalpeltrade.com account page, then activate the computer you are on.Guide 13.9Licence: Scalpel cannot reach scalpeltrade.comScalpel cannot check your licence: how the 72-hour offline grace keeps you trading, what a firewall or proxy can block, and when to contact support.
    Previous: 1.2Install Scalpel on a MacNext: 1.4 Connect Scalpel to Interactive Brokers
    Practice in SIM, against the live book.A lifetime license, every update included, with a 7-day refund guarantee.Ask in DiscordGet Scalpel
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