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 13.10

    Windows protected your PC: installing Scalpel

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

    In short

    Scalpel for Windows is a portable exe that is not signed with a paid Microsoft certificate, so the first time you open it, Windows SmartScreen says "Windows protected your PC". Check the file came from scalpeltrade.com/download, then click More info and Run anyway. You only see this on the first run of a downloaded file: in-app updates are signed and verified by Scalpel itself and do not trigger it.

    SmartScreen warns about any program it has not seen many times before from a known, signed publisher. A small trading tool that ships every couple of weeks never builds that reputation, so the warning appears for everyone. It does not mean Windows found anything wrong with the file.

    Windows protected your PC

    The full text reads "Microsoft Defender SmartScreen prevented an unrecognized app from starting. Running this app might put your PC at risk." There is only a Don't run button until you click More info.

    Windows protected your PCMicrosoft Defender SmartScreen prevented an unrecognized app from starting. Running this app might put your PC at risk.More info
    Don't run
    Windows protected your PCMicrosoft Defender SmartScreen prevented an unrecognized app from starting. Running this app might put your PC at risk.App: Scalpel-windows-x64.exePublisher: Unknown publisher
    Run anywayDon't run
    12
    SmartScreen before and after More info 1: the app name, "Unknown publisher" and Run anyway 2. Simplified.

    Check the download is genuine, then run it

    1. 01

      Make sure it came from scalpeltrade.com

      Scalpel is only ever published at scalpeltrade.com/download (and the Download panel of your account page, which serves the same file). Never run a copy sent in a chat, posted on a forum or offered by another site. If you are not sure where your file came from, delete it and download it again.

    2. 02

      Check the name and size

      The file is Scalpel-windows-x64.exe. The download page lists the current version and its size in millions of bytes, for example 28.4 MB. Right-click your file, choose Properties, and read the exact byte count in brackets after Size: 28,412,160 bytes is 28.4 million, a match. (The figure before the brackets is in Windows' own units and reads lower, so compare the bytes.) In the SmartScreen prompt, after More info 1, the App line shows the same file name.

    3. 03

      Click More info, then Run anyway

      Click More info 1, check the App line, then click Run anyway 2. Scalpel opens to the licence screen (guide 1.3). Windows normally does not ask again for this copy of the file.

    4. 04

      Keep the exe where you want it

      There is no installer. Keep Scalpel-windows-x64.exe in a folder you own, such as your desktop or a Scalpel folder in Documents, so the updater can replace it later. Not in Program Files: Scalpel cannot update itself there. Settings, logs and the SIM ledger live in %APPDATA%\scalpel, not next to the exe. Full setup: guide 1.1.

    Why updates never show the warning

    After the first install, Scalpel updates itself (guide 12.2). Every release is signed with our own offline Ed25519 release key, and before installing, Scalpel checks that signature against a key built into the app, plus the file's exact size and SHA-256 checksum. A file that fails any check is deleted and never runs. Because the app writes the update itself, Windows does not mark it as downloaded from the internet, so SmartScreen does not look at it.

    That signature is the real proof of origin for updates: even a compromised download server could not ship you a file the app would accept.

    What can go wrong

    • There is no Run anyway button. On Windows 11, Smart App Control can be on. It blocks unsigned apps outright, with no option to run them. That is a Windows security setting (Windows Security, App and browser control); read Microsoft's notes before you change it, or ask us on Discord (guide 12.6).
    • Your work computer blocks it. Company-managed PCs often allow only approved software. Ask your IT team; there is no way around that from Scalpel.
    • Microsoft Defender quarantines the file. An unsigned app that downloads and replaces exes can occasionally trip antivirus heuristics. Download it again from scalpeltrade.com/download, and tell us on Discord with the version number so we can report the false positive to Microsoft.

    Questions

    Is it safe to click Run anyway for Scalpel?
    Yes, for a file you downloaded from scalpeltrade.com/download. The warning is about the missing paid certificate, not about anything Windows found in the file. Do not run copies from anywhere else.
    Why is Scalpel not code signed?
    A Windows code signing certificate is a recurring cost. Scalpel instead signs its updates with its own Ed25519 key, which the app checks before installing anything.
    Will I see the warning after every update?
    No. Only the first run of a file downloaded in a browser. In-app updates are verified by Scalpel and do not trigger SmartScreen.
    How do I know my download is genuine?
    It came from scalpeltrade.com/download, it is named Scalpel-windows-x64.exe, and its size in bytes matches the size on the download page.

    Related guides

    Guide 1.1Install Scalpel on WindowsDownload Scalpel for Windows, get past the SmartScreen warning safely, and find where it keeps your settings. Takes two minutes, no installer needed.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 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: 13.9Licence: Scalpel cannot reach scalpeltrade.comNext: 13.11 An update did not install, or Scalpel went back a version
    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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