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/1. Getting started

    Guide 1.2

    Install Scalpel on a Mac

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

    In short

    Download Scalpel-macos-arm64.dmg from scalpeltrade.com/download, open it and drag Scalpel onto the Applications folder in the window that appears. Open Scalpel from Applications. It is signed and notarized by Apple, so macOS only asks once whether you want to open an app downloaded from the internet. Scalpel runs on Macs with Apple silicon (M1 and later), not on Intel Macs.

    Scalpel for macOS is a normal app bundle in a disk image: no installer, no background helpers, nothing outside Applications except its settings folder. Updates install themselves from inside the app.

    Before you start

    • A Mac with Apple silicon. Check under Apple menu > About This Mac: the Chip line should say Apple M1 or later. Intel Macs cannot run Scalpel.
    • An Interactive Brokers account, with TWS or IB Gateway installed on the same Mac (guide 1.4).
    • Your licence key, or buy one when Scalpel asks. The download is free; the app needs a key to open (guide 1.3).

    Install it

    1. 01

      Download the disk image

      Go to scalpeltrade.com/download and click Download for macOS. You get Scalpel-macos-arm64.dmg. The same download is on your account page under Download.

    2. 02

      Open it and drag Scalpel to Applications

      Double-click the DMG in Downloads. A window called Scalpel opens with the app on the left and a shortcut to your Applications folder on the right. Drag Scalpel onto Applications.

      Scalpel
      ScalpelApplications
      Simplified. The disk image window: drag Scalpel onto the Applications folder.
      Careful

      Do not run Scalpel straight from the disk image. The image is read-only, so updates cannot install there, and the app disappears when the image is ejected.

    3. 03

      Eject the disk image

      In Finder's sidebar, click the eject button next to Scalpel, or drag the disk to the Bin. You can delete the DMG from Downloads.

    4. 04

      Open Scalpel from Applications

      Open Applications and double-click Scalpel (or press Cmd+Space and type Scalpel). The first time, macOS says Scalpel is an app downloaded from the internet and asks if you are sure you want to open it. Click Open. Apple has checked the app (that is what notarized means), so this is the only question.

    5. 05

      Activate and connect

      After a short splash (click or press any key to skip it), Scalpel shows the licence screen. Paste your key and click Activate (guide 1.3), then connect to TWS or IB Gateway (guide 1.4).

      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.
      The licence screen on first open. This computer's name, at the bottom, is how it appears on your account page.
    Tip

    While Scalpel is open, right-click its icon in the Dock and choose Options > Keep in Dock. Updates replace the app in place, so the Dock icon keeps working.

    If macOS blocks the first open

    If you see that Apple could not check Scalpel, or that it "cannot be opened", you most likely have an older or incomplete download. Delete it, download the DMG again from scalpeltrade.com and repeat the steps. If it still refuses:

    1. Close the warning.
    2. Open System Settings > Privacy & Security and scroll down to Security.
    3. Next to the line about Scalpel being blocked, click Open Anyway, then confirm with your password or Touch ID.

    Only do this for a file you downloaded from scalpeltrade.com.

    Keys on a Mac

    Every guide writes keys the Windows way. On a Mac, Ctrl is Cmd throughout: Cmd+X sells half, Cmd+Z sells the full position, Cmd+, opens Settings, Cmd+0 resets the zoom. Shift keys are the same on both: Shift+1 buys preset 1. The one exception is Cancel all orders: Cmd+Q quits a Mac app, so on a Mac it is Shift+Q. See guide 4.3 for the full list.

    Where Scalpel keeps your files

    Settings and data live in your user Library, so replacing or moving the app never loses them:

    WhatWhere
    Settings: desks, presets, hotkeys, stops, risk caps~/Library/Application Support/scalpel/scalpel.toml
    Licence key and the last licence check~/Library/Application Support/scalpel/licence.json
    SIM account (balance, positions, history)~/Library/Application Support/scalpel/sim_state.json
    Trade journals behind Analytics~/Library/Application Support/scalpel/journal/
    Log file (useful for support)~/Library/Application Support/scalpel/logs/scalpel.log

    To get there, in Finder press Cmd+Shift+G and paste ~/Library/Application Support/scalpel.

    Update or remove it

    • Update: Scalpel downloads updates by itself and shows Update ready in the status bar. It never restarts while you hold a position, a working order or a live stop (guide 12.2).
    • Second computer: install it there and paste the same key; a licence covers two computers (guide 12.1).
    • Remove: drag Scalpel from Applications to the Bin, then delete ~/Library/Application Support/scalpel if you want your settings gone. Free the computer on your account page so the slot is available again.

    What can go wrong

    • "You can't open the application" on an Intel Mac. Scalpel is built for Apple silicon only. There is no Intel build.
    • Updates fail. Scalpel is not in Applications (for example it runs from the DMG or from Downloads). Move it to Applications (guide 13.11).
    • No Start TWS button in the connection banner. Scalpel looks for TWS and IB Gateway in Applications (yours or the Mac's). Installed elsewhere, start them yourself (guide 1.4).

    Questions

    Does Scalpel run on Intel Macs?
    No. Scalpel is built for Apple silicon (M1 and later) only. Check Apple menu, About This Mac: the Chip line must name an Apple M-series chip.
    Is the Mac app signed and notarized?
    Yes. It is signed with an Apple Developer ID and notarized by Apple, so macOS only asks the usual once-only question about an app downloaded from the internet.
    Why does Cmd do what Ctrl does in the guides?
    Scalpel uses the platform's command key: Ctrl on Windows, Cmd on a Mac. Every Ctrl shortcut in the guides is Cmd on a Mac, except Cancel all orders, which is Shift+Q on a Mac because Cmd+Q quits the app.
    Can I run Scalpel from the disk image?
    It opens, but do not. The disk image is read-only, so updates cannot install, and the app vanishes when the image is ejected. Drag it to Applications.
    Can one licence cover my Mac and my Windows PC?
    Yes. A licence covers any two computers, on either system. Paste the same key on both.

    Related guides

    Guide 1.3Activate your Scalpel licenceFind your licence key, paste it into Scalpel's licence screen and start trading. How the two-computer limit, 12-hour check and 72-hour offline grace work.Guide 1.4Connect Scalpel to Interactive BrokersRun TWS or IB Gateway, match the API port and watch Scalpel connect. Which program to use, the ports (7497, 7496, 4001) and what the link banner tells you.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.
    Previous: 1.1Install Scalpel on WindowsNext: 1.3 Activate your Scalpel licence
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