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
Scalpelscalpeltrade.comA keyboard-first scalping cockpit for Interactive Brokers.
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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/12. Licence, updates and account

    Guide 12.3

    Try new features early: the beta channel

    Intermediate, 4 min read. Checked with Scalpel 1.12.8 on October 15, 2026.

    In short

    Open Settings > About, set Channel to Beta (early builds) and click Apply. Scalpel then offers beta versions (named like 1.13.0-beta.1) as well as stable ones, through the same Update ready pill. To go back, set the channel to Stable: you move back onto stable as soon as a stable release passes the beta you are on, or right away with Go back while the stable copy is still kept.

    The beta channel gets new versions first. In return you are the first to meet their rough edges. A beta becomes the next stable version once it has run on beta without order, position or price-display problems, so beta testers are the people who make stable safe.

    Before you start

    • Updates working on your computer (guide 12.2).
    • A Discord account, so you can report what you find.

    Should you use beta?

    Beta suits you ifStay on stable if
    You want new features days or weeks earlyYou trade LIVE size and want the fewest surprises
    You test in SIM before you trade LIVE each morningYou do not have time to check a new build before the open
    You are happy to report a bug with steps and a logYou run Scalpel on one computer with no fallback
    This can cost you money

    A beta can have a bug that affects orders or stops. That is what the beta channel is there to catch. If you trade real money on beta, check each new beta in SIM first, keep your size small until you trust it, and know how to go back a version (below).

    A good habit: run beta on one computer and stable on the other. Your licence covers two (guide 12.1).

    Switch to beta

    1. 01

      Open Settings > About

      Press Ctrl+, (Cmd+, on a Mac) and pick About.

    2. 02

      Pick the beta channel

      Under Updates, open Channel 1 and choose Beta (early builds). Click Apply.

      Settings
      ConnectionTradingStopsRiskSizingAppearanceAudioHotkeysIntelAbout
      Scalpel
      v1.12.6 (4f2c9a1)
      A keyboard-first day-trading cockpit for Interactive Brokers. Market data and orders go through your own TWS or IB Gateway; nothing leaves your machine except the optional intel lookups you switch on.
      Licence
      Licensed (SCLP-****-****-****-W8RB). Active on 1 of 2 computers.
      Manage licence and computers
      Updates
      ChannelBeta (early builds)StableBeta (early builds)
      Download updates automatically
      Scalpel checks for a new version when it starts and every 30 minutes. It never installs on its own while you trade: you choose when to restart, or let it install when you quit.
      Scalpel 1.12.6 is up to date (checked 12 minutes ago).
      Check for updates
      CancelApply
      1
      The Channel list 1: Stable, or Beta (early builds). Demo data.
    3. 03

      Check for a beta now

      Click Check for updates. If a beta newer than your version is out, Scalpel downloads it and the status bar shows Update ready: 1.13.0-beta.1. Otherwise Scalpel keeps checking every 30 minutes while it runs, so the next beta reaches you without a restart.

      IBKRConnectedUpdate ready: 1.13.0-beta.1v1.12.6 (4f2c9a1)
      A beta offered through the normal pill. Demo data.
    4. 04

      Install it when you are flat

      Click the pill, read What's new, and choose Restart and update or Update when I quit. The same trading guard as stable applies: no restart with a position, a working order or a live stop open.

    What you get on beta

    • Beta versions and stable ones. The beta channel offers the newest of both. If a stable fix comes out above your beta, you get it too.
    • Version names with a beta number. 1.13.0-beta.1, then 1.13.0-beta.2, then the final 1.13.0 on stable. Settings > About and the status bar show the exact build, for example v1.13.0-beta.2 (c41f0a9).
    • Notes in the app. Each beta's notes are in its What's new window and in the Discord announcement. The changelog on the site lists stable releases only.
    • Betas at any time. Betas go out when they are ready, so a new one can appear mid-week. Install it after the close, never just before the open.

    Go back to stable

    Set Channel to Stable and click Apply. What happens next depends on the version you are on:

    Your situationWhat to do
    You can wait for the final releaseNothing. When the stable version comes out (1.13.0 is newer than any 1.13.0 beta), Scalpel offers it, and from then on you only get stable.
    You need stable today, and you updated straight from stable to this betaSettings > About > Go back to 1.12.6. Scalpel restarts on the stable version it kept.
    You need stable today, and the kept copy is another betaDownload the current stable version from your account page and replace Scalpel with it. Settings, presets and your journal carry over.

    Going back never loses settings: a newer version never changes your settings in a way an older one cannot read.

    Report what you find

    Post in the Discord with the exact build from Settings > About, what you did, what you expected and what happened, and the log file (%APPDATA%\scalpel\data\logs\scalpel.log on Windows, ~/Library/Application Support/scalpel/logs/scalpel.log on a Mac). A report with steps gets a fix into the next beta.

    Questions

    Is the beta channel free?
    Yes. Every licence can switch between Stable and Beta at any time in Settings > About.
    Is beta safe for live trading?
    Less safe than stable: a beta can carry a bug that affects orders or stops, which is what the beta channel is for. Check each beta in SIM first and keep size small, or keep LIVE on a computer that stays on stable.
    How do I leave the beta channel?
    Set Channel to Stable in Settings > About and click Apply. You get the next stable release that is newer than your beta, or you can go back right away with Go back to (version) if the kept copy is stable.
    How often do betas come out?
    When they are ready, not on a fixed schedule. Install a new one after the close and check it in SIM before you trade.
    Will I get stable fixes while I am on beta?
    Yes. The beta channel is offered the newest version of either kind, so a stable release above your beta reaches you too.

    Related guides

    Guide 12.2Updates: how Scalpel updates itselfScalpel downloads updates in the background and installs only when you choose: Update ready, What's new, restart or install on quit, and going back.Guide 11.10Settings: AboutScalpel's About tab: your version and build, licence status and managing computers, the update channel, automatic downloads, checking and going back.Guide 12.6Get help on DiscordLink your Discord on scalpeltrade.com to get the Customer role and the support channels, then ask with your version and the exact message you saw.
    Previous: 12.2Updates: how Scalpel updates itselfNext: 12.4 Refunds, invoices and billing
    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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