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 1.1

    Install Scalpel on Windows

    Beginner, 5 min read. Checked with Scalpel 1.12.8 on October 15, 2026.

    In short

    Download Scalpel-windows-x64.exe from scalpeltrade.com/download, put it in a folder you own (your Desktop or a Scalpel folder in Documents) and double-click it. There is no installer. Because Scalpel is not signed with a paid Microsoft certificate, Windows shows "Windows protected your PC" the first time: click More info, then Run anyway. Scalpel then asks for your licence key.

    Scalpel for Windows is one portable file. Nothing is installed into Program Files, nothing runs in the background when it is closed, and removing it is deleting the file and its settings folder. It runs on Windows 10 and 11, 64-bit.

    Before you start

    • A 64-bit Windows 10 or 11 PC with a current graphics driver. The interface draws on the GPU, and the charts use Microsoft's WebView2, which Windows 11 and up-to-date Windows 10 already have.
    • An Interactive Brokers account, with TWS or IB Gateway on the same PC (guide 1.4).
    • Your licence key, or buy one when Scalpel asks for it. The download is free; the app needs a key to open (guide 1.3).

    Install it

    1. 01

      Download the app

      Go to scalpeltrade.com/download and click Download for Windows. You get one file, Scalpel-windows-x64.exe. The same download is on your account page under Download.

      Some browsers hold back a new program the first time it is downloaded and ask you to confirm. If yours does, choose to keep the file.

    2. 02

      Move it to a folder you own

      Move the file out of Downloads to where it will live, for example a Scalpel folder in Documents, or your Desktop. Pick a folder you can write to without an administrator prompt, because updates are installed in place: Scalpel puts the new version beside the old one and keeps the previous copy, so Settings > About can always go back one version.

      Careful

      Do not put Scalpel in C:\Program Files. Windows needs an administrator to change files there, so updates would fail to install.

    3. 03

      Open it and click More info

      Double-click Scalpel-windows-x64.exe. The first time, Microsoft Defender SmartScreen stops it with Windows protected your PC. There is no run button yet: click More info.

      Windows protected your PC
      Microsoft Defender SmartScreen prevented an unrecognized app from starting. Running this app might put your PC at risk.More infoDon't run
      Simplified. The SmartScreen window on the first run. Click More info to see the app name and the run button.
    4. 04

      Check the file name, then click Run anyway

      SmartScreen now shows App: Scalpel-windows-x64.exe and Publisher: Unknown publisher. Check the name is the file you downloaded from scalpeltrade.com, then click Run anyway. You normally see this only once for the file.

      Windows protected your PC
      Microsoft Defender SmartScreen prevented an unrecognized app from starting. Running this app might put your PC at risk.App: Scalpel-windows-x64.exePublisher: Unknown publisherRun anywayDon't run
      Simplified. After More info: the app name, Unknown publisher, and Run anyway.
    5. 05

      Activate and connect

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

    Tip

    Right-click the running Scalpel icon on the taskbar and choose Pin to taskbar. Updates replace the file under the same name, so the pin keeps working.

    Why Windows warns about Scalpel

    SmartScreen warns about any program that is not signed with a Microsoft-recognised code-signing certificate and that it has not seen many times before. Scalpel is not signed with one, so it gets the warning; "Unknown publisher" means exactly that and nothing more.

    What protects you instead:

    • Download only from scalpeltrade.com. The download page and your account page are the only sources.
    • Updates are checked before they install. Every update is signed with Scalpel's own release key, and the app refuses a download unless the signature, the size and the checksum all match. A compromised server could hold an update back, but not slip you a different file.
    • Your trading stays between you and your broker. Market data and orders go through your own TWS or IB Gateway. Beyond that, Scalpel talks to scalpeltrade.com for the licence check and updates, and reads public intel sources (SEC filings, FINRA short interest and short volume, the Nasdaq Reg SHO list) while Intel is on.

    Where Scalpel keeps your files

    The program file holds no settings. Everything you change is in your Windows user profile, so you can replace or move the exe freely:

    WhatWhere
    Settings: desks, presets, hotkeys, stops, risk caps%APPDATA%\scalpel\config\scalpel.toml
    Licence key and the last licence check%APPDATA%\scalpel\data\licence.json
    SIM account (balance, positions, history)%APPDATA%\scalpel\data\sim_state.json
    Trade journals behind Analytics, SIM and LIVE kept apart%APPDATA%\scalpel\data\journal\
    Log file (useful for support)%APPDATA%\scalpel\data\logs\scalpel.log

    To open the folder, press Win+R, type %APPDATA%\scalpel and press Enter.

    Note

    Data recording is off by default, so Scalpel does not fill your disk with market data. If you switch it on (Settings > Connection), recordings go to %APPDATA%\scalpel\data\recordings.

    Move, update or remove it

    • Move it: close Scalpel and move the exe anywhere you can write to. Your settings stay put.
    • Update it: Scalpel downloads updates by itself and shows Update ready in the status bar; it never restarts while you hold a position. See guide 12.2.
    • Use it on a second PC: download it there and paste the same key. A licence covers two computers (guide 12.1).
    • Remove it: delete the exe, then the %APPDATA%\scalpel folder if you want your settings gone too. Free the computer on your account page so the licence slot is available again.

    What can go wrong

    • No Run anyway button. You are still on the first screen: click More info first. If your PC is managed by an employer, its policy may block unsigned programs altogether; use a personal PC. See guide 13.10.
    • The window opens but the charts are blank. The WebView2 runtime is missing or broken; see guide 13.12.
    • An update fails to install. The exe is in a folder Scalpel cannot write to, such as Program Files. Move it and try again (guide 13.11).

    Questions

    Is it safe to click Run anyway?
    Yes, for the file you downloaded from scalpeltrade.com. SmartScreen warns because Scalpel is not signed with a paid Microsoft certificate, not because it found anything. Check the warning names Scalpel-windows-x64.exe before you run it.
    Does Scalpel need an installer or administrator rights?
    No. It is a single portable exe. Keep it in a folder you own, such as Documents or your Desktop, and it never needs an administrator.
    Does Scalpel run on Windows 7, 8 or 32-bit Windows?
    No. It needs 64-bit Windows 10 or 11 with a current graphics driver.
    Will I see the SmartScreen warning after every update?
    Windows remembers your answer for the file. Updates are installed by Scalpel itself, so you should not normally be asked again; if you are, check the file name and click Run anyway.
    Where are my settings if I reinstall?
    In %APPDATA%\scalpel. Deleting or replacing the exe keeps them; delete that folder only if you want a clean start.

    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 13.10Windows protected your PC: installing ScalpelWindows SmartScreen shows Windows protected your PC the first time you open Scalpel. Why it appears, how to check the download, and how to run it.
    Next: 1.2 Install Scalpel on a Mac
    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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