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/13. Troubleshooting

    Guide 13.4

    Delayed data, NO DATA or STALE, or Depth unavailable

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

    In short

    All of Scalpel's market data comes from your own Interactive Brokers connection, so these messages point at your IBKR subscriptions or limits. DELAYED means IBKR is sending 15-minute delayed prices because that username has no live subscription for the stock's exchange. NO DATA means nothing has arrived since the symbol loaded, and STALE means no tick for 12 seconds or more. Depth unavailable means IBKR refused the Level 2 book, most often because the account's 3 depth books are already in use.

    Scalpel uses no third-party data feed: quotes, Level 2, the tape and the charts all come through TWS or IB Gateway. When a desk looks wrong, the badge in its header says which part is missing.

    The badges

    The badge sits after the session label (PRE, RTH, AFTER or CLOSED) in the desk header. A live, healthy desk shows no badge.

    D1TRADERABCDPREDELAYED
    D2TRADERWXYZPRENO DATA
    D3TRADERKLMNPRESTALE
    DELAYED in amber, NO DATA and STALE in grey. Demo data.
    BadgeWhat it means for your tradeUsual cause
    DELAYEDPrices are about 15 minutes old. Do not trade off them.No live subscription for that exchange on this username
    NO DATANothing has arrived since you loaded the symbolThe link is down, the symbol is wrong, or IBKR refused the data
    STALENo tick for 12 seconds or moreA quiet stock (common in the early pre-market), a halt, or the feed stopped

    DELAYED

    IBKR sends delayed prices when the username logged in to TWS or IB Gateway lacks a live market data subscription for the exchange the stock trades on. It is per stock: one desk can be live and another delayed.

    1. Log in to Client Portal and open your market data subscriptions (under Settings).
    2. Add the live US equity bundle and the Level 2 depth you need. Guide 1.6 lists what a momentum scalper needs.
    3. Subscriptions belong to a username. If Scalpel's TWS or IB Gateway logs in with a second username, that username needs its own (guide 13.3).
    4. New subscriptions can take a while to switch on. Then log out of TWS or IB Gateway and back in, and reload the symbol.

    NO DATA

    • Check the IBKR pill in the status bar. Not Connected? Start with guide 13.1.
    • Check the symbol: a typo or a stock that does not trade on a major US exchange loads nothing.
    • Your username may have no subscription at all for that exchange. Open the same symbol in TWS: if TWS shows nothing either, it is a subscription question for Interactive Brokers.

    STALE

    STALE is not always a fault. A thin pre-market stock can go 12 seconds without a trade or quote change, and a halted stock stops ticking. If every desk goes STALE together, the feed has stopped:

    • TWS or IB Gateway may have lost its own connection to Interactive Brokers. Check its status bar.
    • Another login with your username (often the IBKR mobile app) can take the market data from your desktop session. Log out of it.

    Depth unavailable for ABCD

    A toast that starts Depth unavailable for and ends with IBKR's own reason means the desk's Level 2 book was refused. The desk keeps its quote, tape and chart; only the book is empty.

    Depth unavailable for ABCD: [309] Max number (3) of market depth requests has been reached
    IBKR refused a fourth depth book. The text after the colon is IBKR's own message. Demo data.
    IBKR's reason mentionsFix
    A maximum number of market depth requestsYour account allows a set number of Level 2 books at once (3 for most accounts), and every desk with a symbol asks for one. Run 3 trading desks, close Level 2 windows open in TWS, or ask Interactive Brokers about more depth lines.
    Not subscribed, or no market data permissionsAdd the depth subscription for that exchange (guide 1.6).
    A competing sessionLog out of the other login using your username, such as the mobile app.

    To free a book, clear a desk you are not using, or switch it to SCAN: a scan desk gives its data line back (guide 2.2). Then load the symbol again on the desk that had no book: Scalpel asks for depth when a symbol loads, not later.

    Questions

    Why does Scalpel show DELAYED data?
    Interactive Brokers sends 15-minute delayed prices when your username has no live subscription for that stock's exchange. Add the live subscription in Client Portal, then log in to TWS or IB Gateway again.
    Why is Level 2 empty on my fourth desk?
    Most IBKR accounts can stream 3 Level 2 books at once. The fourth desk gets a Depth unavailable toast and keeps its quote, tape and chart. Run 3 trading desks or ask IBKR about more depth lines.
    What does STALE mean?
    No new tick for that symbol in 12 seconds or more. Normal on a quiet pre-market stock or a halt; a problem if every desk goes STALE at once.
    Do I need a separate data feed for Scalpel?
    No. Everything comes through your IBKR connection. You pay Interactive Brokers for market data as you would for any IBKR platform.

    Related guides

    Guide 1.6The IBKR market data you need for Level 2The IBKR market data that gives Scalpel live quotes, Level 2 and the tape, with no third-party feed to pay for, and how delayed or missing data shows.Guide 2.5Desk badges: DELAYED, NO DATA, STALE and HALTEDWhat the session dot and the DELAYED, NO DATA and STALE badges mean on a Scalpel desk, what the HALTED banner shows, and what to do about each one.Guide 13.1Scalpel says Disconnected: fix the IBKR connectionScalpel cannot reach TWS or IB Gateway? Check the program is running and logged in, the API is on and the port matches, and use the banner's fix.
    Previous: 13.3TWS signs out when IB Gateway startsNext: 13.5 A LIVE order was rejected
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