Scalpel
FeaturesCockpitPricingGuidesBlogSign inDownload
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
Scalpelscalpeltrade.comA keyboard-first scalping cockpit for Interactive Brokers.
ProductFeaturesCockpitPricingDownloadFAQ
ResourcesGuidesTroubleshootingGlossaryBlogCompareChangelogAccountRefer a trader
CommunityDiscordYouTube
CompanyAboutFor AI agentsContactTermsPrivacyRefundsRisk

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 13.11

    An update did not install, or Scalpel went back a version

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

    In short

    Scalpel never installs an update on its own while you trade. Restart and update stays grey while you have an open position, a working order or a live stop: close them or choose Update when I quit. If the update failed, click the orange Update ... failed pill in the status bar to read why; the usual cause is a folder Scalpel cannot write to. If a new version does not start twice, Scalpel puts the old one back by itself.

    Updates download in the background, are checked against Scalpel's own release signature, and wait next to the app until you restart (guide 12.2). Here is every message the updater can show.

    You have an open position. Close it first

    The full line reads: "You have an open position. Close it first: Scalpel watches your stops and moves your trailing stops, and that stops while it restarts. Or choose Update when I quit." It names whatever is open: positions (in either mode, or anything on your IBKR account), working orders, or live stops, and says "Close them first" when more than one thing is open.

    This is a safety guard, not an error. Your stops are watched by Scalpel, not resting at the broker (guide 5.1), so during a restart nothing would watch them.

    What's new in 1.12.6
    Fixed-Sell and Flatten All are no longer refused while an exit is already working.-Resume trading after the daily loss limit no longer locks again on the next tick.-Order and trade times are New York time, matching the header clock.
    You have an open position. Close it first: Scalpel watches your stops and moves your trailing stops, and that stops while it restarts. Or choose Update when I quit.
    Restart and updateUpdate when I quitSkip this version
    IBKR ConnectedUpdate ready: 1.12.6v1.12.5 (a3be843)
    What's new with an update ready and a position open: Restart and update is grey, Update when I quit is available. Demo data.

    Two ways forward:

    • Update when I quit. The pill changes to "Update 1.12.6 installs when you quit". Trade on; the new version installs as Scalpel closes and runs next time.
    • Close out, then restart. Once you are flat with nothing working, Restart and update turns on. Scalpel restarts in a few seconds and reconnects to TWS by itself.

    Update 1.12.6 failed

    An orange pill in the status bar. Click it: the What's new card shows the reason after "The last update failed:". Settings > About shows the same line. Scalpel tries again at its next check (every 30 minutes while it runs), or straight away when you click Check for updates. You do not need to restart Scalpel for it to find an update.

    What's new in 1.12.6
    Fixed-Sell and Flatten All are no longer refused while an exit is already working.-Resume trading after the daily loss limit no longer locks again on the next tick.-Order and trade times are New York time, matching the header clock.
    The last update failed: Scalpel cannot write to its own folder. Move it to a folder you own (your desktop, for example, or Applications on a Mac), or download the new version from scalpeltrade.com.
    Restart and updateSkip this version
    IBKR ConnectedUpdate 1.12.6 failedv1.12.5 (a3be843)
    1
    The failed pill 1 and the reason in What's new. Demo data.
    The reason saysWhat it meansFix
    Scalpel cannot write to its own folder. Move it to a folder you own (your desktop, for example, or Applications on a Mac), or download the new version from scalpeltrade.com.The exe sits somewhere Windows protects, such as Program Files, or a read-only or synced folder. Scalpel needs to place the new copy beside itself.Quit Scalpel, move the exe to your desktop or a folder in Documents, and open it from there.
    macOS is running Scalpel from a temporary copy. Move Scalpel to Applications and open it from there to get updates.You opened Scalpel straight from the disk image or Downloads.Drag Scalpel into Applications and open it from there.
    Could not reach the update serverNo internet, or a firewall or proxy blocks scalpeltrade.com.Same checks as guide 13.9, then Check for updates.
    The downloaded file does not match the release (size or checksum)The download was cut short or altered on the way. Scalpel deleted it.Click Check for updates to download it again.
    The release signature is invalidThe file was not signed with Scalpel's release key. It was refused and never ran.Do not work around it. Tell us on Discord (guide 12.6).

    Could not check for updates. Try again later.

    A toast after you click Check for updates when scalpeltrade.com could not be reached. Background checks that fail stay silent and simply try again 30 minutes later. Check your connection as in guide 13.9.

    The update could not be installed

    A red toast after Restart and update (or "Update 1.12.6 could not be installed" while the new copy was being placed). Something held the files: most often antivirus scanning the new exe, or a second copy of Scalpel still running from the same folder. Nothing changed: you are still on the version you had. Close any other copy, wait a minute and try again.

    Version 1.12.6 did not start, so Scalpel went back to 1.12.5

    A new version proves itself by running for 60 seconds with the window up. If it fails twice, the third start swaps the previous version back, relaunches it and shows this toast. Scalpel reports the failure to us and skips that version, so it is not offered again on its own. Your settings, SIM ledger and journal are untouched.

    Version 1.12.6 did not start, so Scalpel went back to 1.12.5
    The toast after an automatic rollback. Demo data.

    Wait for the next version, or tell us on Discord what happened when it tried to start.

    Go back to the previous version yourself

    If an update starts but you want the old version back, open Settings > About. Under Updates, Go back to 1.12.5 appears while the previous copy is still kept (until the next update replaces it). It has the same guard as restarting: be flat first. If the copy has gone, a red toast says "Could not go back: No previous version is kept on this computer". Stay on the version you have, or ask on Discord if it gives you trouble.

    Settings
    ConnectionTradingStopsRiskSizingAppearanceAudioHotkeysIntelAbout
    Updates
    ChannelStable
    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 just now).
    Check for updatesGo back to 1.12.5
    CancelApply
    Settings, About, Updates: Check for updates and Go back. Demo data.

    Going back skips the newer version. Check for updates offers it again when you are ready.

    This version of Scalpel has a problem that affects your orders. Update before you trade.

    A banner at launch when your version is below the minimum we support, because it has a bug that matters for your orders. Click See the update, then install it before you trade.

    Still stuck: replace the exe by hand

    Quit Scalpel, download the current version from scalpeltrade.com/download, and put it in place of the old exe (same folder, same name, or a new folder you own). Your settings stay in %APPDATA%\scalpel. If something still fails, send us scalpel.log from %APPDATA%\scalpel\data\logs on Discord.

    Questions

    Why is Restart and update greyed out?
    You have an open position, a working order or a live stop. Scalpel watches your stops itself, so it will not restart while they need watching. Close them, or choose Update when I quit.
    Where should the Scalpel exe live on Windows?
    In a folder you own, such as your desktop or Documents. Not Program Files, where Scalpel cannot write its update.
    Why did Scalpel go back a version on its own?
    The new version failed to start twice, so the third start restored the previous one. The failure is reported to us and that version is skipped.
    Do I lose my settings if I replace the exe by hand?
    No. Settings, the SIM ledger, the journal and the log are in %APPDATA%\scalpel, not next to the exe.

    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: 13.10Windows protected your PC: installing ScalpelNext: 13.12 The chart or app window is blank
    Practice in SIM, against the live book.A lifetime license, every update included, with a 7-day refund guarantee.Ask in DiscordGet Scalpel
    Sign in