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/12. Licence, updates and account

    Guide 12.1

    Move your licence to a new computer

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

    In short

    Quit Scalpel on the old computer, sign in at scalpeltrade.com/account and click Free this machine next to it, then start Scalpel on the new computer and paste your licence key. One licence covers two computers at a time, and you can free up to 3 computers in any 30 days.

    Your licence is tied to computers, not to you: each one that runs Scalpel takes one of the licence's two slots. Moving to a new computer means giving a slot back and letting the new computer take it. It takes two minutes and you never need the old computer to do it, so a dead laptop is no problem.

    Before you start

    • Your Scalpel account email: you sign in with a link sent to it.
    • Scalpel installed on the new computer (guide 1.1 for Windows, guide 1.2 for a Mac).
    • Be flat on the old computer. Its stops are watched by Scalpel itself, so closing it while you hold a position leaves that position unprotected (guide 5.1).

    How the two-computer limit works

    RuleWhat it means for you
    Two computers at a timeA home PC and a laptop, or a trading PC and a backup. A third computer is refused until you free one.
    Free up to 3 in any 30 daysGenerous for real moves, and stops a key being passed around. A fourth free inside 30 days is refused: ask support.
    The same computer keeps its slotReinstalling or updating Scalpel on the same computer never uses a second slot.
    A rebuilt computer is a new oneReinstalling Windows or macOS gives the computer a new identity, so it takes a new slot. Free the old entry, which usually has the same name.
    Freeing is instantNo waiting period: the slot is free the moment you click.

    Scalpel identifies a computer by a scrambled code made from its system id, never by your files or hardware details. The account page shows each computer by its name (for example TRADING-PC), when it last checked in, and which version it ran.

    Move your licence

    1. 01

      Quit Scalpel on the old computer

      Flatten any position first, then close Scalpel (the window's close button, or System > Shut down). If the old computer is lost or broken, skip this step.

      Careful

      Scalpel keeps your key saved and checks the licence when it starts and every 12 hours. If the old computer opens Scalpel again while a slot is free, it quietly takes that slot back. Quit it before you free it, and activate the new computer straight away.

    2. 02

      Sign in to your account

      Go to scalpeltrade.com/account, or click Manage licence and computers in Scalpel's Settings > About. Type your email and click Email me a sign-in link. The link works once and expires in 15 minutes.

    3. 03

      Free the old computer

      Your Lifetime licence panel shows your key and Machines 2 of 2 1. Find the old computer by its name and Last seen time, and click Free this machine 2. The page says "Machine freed" and the count drops to 1 of 2.

      Your accountyou@example.com
      Lifetime licenceActive
      SCLP-7K3M-Q9XD-2HTF-W8RB Copy key
      Machines 2 of 2
      TRADING-PCLast seen 2026-10-15 13:20 UTC, v1.12.6
      Free this machine
      OLD-LAPTOPLast seen 2026-09-30 21:04 UTC, v1.12.1
      Free this machine
      12
      The account page with both slots in use 1. Each computer has its own Free this machine button 2. Demo data.

      Not sure which is which? The one you are moving away from is usually the one with the older Last seen. On Windows the name is the computer name in Settings > System > About; on a Mac it is the name in System Settings > General > About.

    4. 04

      Copy your key

      Click Copy key next to the key on the same page. It looks like SCLP-XXXX-XXXX-XXXX-XXXX. It is also in your purchase email.

    5. 05

      Activate the new computer

      Start Scalpel on the new computer. The Activate Scalpel screen appears instead of the cockpit. Paste the key and click Activate (or press Enter). The cockpit opens, and the account page now lists the new computer.

      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: NEW-TRADING-PC. Each licence covers two computers; free one up on your account page.
      The licence screen on the new computer, key pasted. The line at the bottom names this computer as the account page will show it. Demo data.
    6. 06

      Check it in Settings > About

      Open Settings (Ctrl+,) and pick About. The Licence line reads Licensed with the last four characters of your key, then "Active on 1 of 2 computers." (or 2 of 2 if your other computer is also active). See guide 11.10.

    Bring your settings with you

    The licence moves, but your settings stay on the old computer until you copy them. Your presets, hotkeys, desk layout and every Settings tab are in one file; your Analytics history is in a folder of its own.

    WhatWindowsMac
    Settings, presets, hotkeys, layout%APPDATA%\scalpel\config\scalpel.toml~/Library/Application Support/scalpel/scalpel.toml
    Analytics journal (SIM and LIVE)%APPDATA%\scalpel\data\journal~/Library/Application Support/scalpel/journal

    Copy them across before you first start Scalpel on the new computer (or quit it, copy, and start it again). Paste %APPDATA%\scalpel into the File Explorer address bar to open the folder on Windows. Re-check Settings > Connection: the new computer may run TWS or IB Gateway on a different port (guide 1.4).

    What can go wrong

    • "This licence is already active on 2 machines." The new computer got there before a slot was free. Free one on the account page, then click Try again on the licence screen. Your key is kept, so you do not need to paste it again. More in guide 13.8.
    Scalpel is not licensed on this computer
    This licence is already active on 2 machines. Free one at scalpeltrade.com/account.
    SCLP-XXXX-XXXX-XXXX-XXXXActivate
    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: NEW-TRADING-PC. Each licence covers two computers; free one up on your account page.Try again
    With both slots taken, the new computer shows this screen. Free a computer on the account page, then click Try again. Demo data.
    • "You can free 3 machines every 30 days. Contact support if you need more." You have hit the moving limit. Ask on Discord or email hello@scalpeltrade.com and say why; real moves are not a problem.
    • The old computer came back. If you opened Scalpel on it after freeing it, it has taken the slot again. Free it again, quit Scalpel there, and to stop it for good delete licence.json from its data folder (%APPDATA%\scalpel\data on Windows), so it asks for a key next time.
    • "Scalpel can't reach scalpeltrade.com to check your licence." The first activation must reach the site. Check the new computer's internet connection and firewall (guide 13.9).

    Questions

    How many computers can I use Scalpel on?
    Two at a time on one licence. You can free a computer from your account page and activate another, up to 3 frees in any 30 days.
    Do I need the old computer to move my licence?
    No. You free it from scalpeltrade.com/account in any browser, so a lost, sold or broken computer is no problem.
    Does reinstalling Scalpel use another slot?
    No. The same computer always gets the same slot back. Reinstalling Windows or macOS does count as a new computer, so free the old entry afterwards.
    Can I run Scalpel on two computers at the same time?
    Yes, both slots can be active together. Each one needs its own TWS or IB Gateway login, and Interactive Brokers allows one trading session per username, so see guide 13.3 before you run both at once.
    What happens if I free the computer I am trading on?
    Nothing mid-session. Scalpel never locks you out during a session: it shows a banner and asks for the key at the next start. It also takes the slot back at its next check if one is free.

    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 13.8Licence: machine limit reachedScalpel says your licence is already active on two machines: free one on your scalpeltrade.com account page, then activate the computer you are on.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.
    Previous: 11.10Settings: AboutNext: 12.2 Updates: how Scalpel updates itself
    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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