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/12. Licence, updates and account

    Guide 12.2

    Updates: how Scalpel updates itself

    Beginner, 6 min read. Checked with Scalpel 1.12.8 on October 15, 2026.

    In short

    Scalpel checks scalpeltrade.com for a new version when it starts and every 30 minutes while it runs, downloads it in the background, and shows Update ready in the status bar. Click it to read what is new, then choose Restart and update or Update when I quit. It never installs on its own, and it will not restart while you have a position, a working order or a live stop.

    Updates are built around one rule: nothing changes under you during a session. There is no pop-up, no forced restart and no install in the middle of a trade. You see one quiet pill and one toast, and you decide when. Every update is included in your licence.

    Before you start

    • A licensed copy of Scalpel (guide 1.3).
    • On Windows, Scalpel in a folder you own, such as your desktop or Documents (not Program Files). On a Mac, Scalpel in Applications.

    What happens, step by step

    WhenWhat Scalpel doesWhat you see
    About 20 seconds after it starts, then every 30 minutesAsks scalpeltrade.com whether there is a newer version on your channelNothing, unless there is one
    A newer version existsDownloads it in the background and checks its signature and checksumThe pill counts Downloading 1.13.0: 42%
    Download checkedPlaces the new version next to the running one, untouched until you chooseUpdate ready: 1.13.0 in the status bar, and one toast
    You choose to installSwaps the versions and restarts, or waits until you quitScalpel updated from 1.12.6 to 1.13.0 after the restart

    You never need to restart Scalpel to find an update: a running copy hears about a new version within half an hour, and Check for updates in Settings > About checks at once.

    Each release is signed with Scalpel's own release key. Scalpel refuses a download whose signature or checksum does not match, so a damaged or tampered file is never installed.

    Install an update

    1. 01

      Spot the pill

      When the download is ready, the status bar along the bottom shows Update ready: 1.13.0 in blue 1, and a toast says "Scalpel 1.13.0 is ready. It installs when you restart." Keep trading: nothing has changed yet.

      Scalpel 1.13.0 is ready. It installs when you restart.
      IBKRConnectedUpdate ready: 1.13.0v1.12.6 (4f2c9a1)
      1
      The pill sits on the right of the status bar, next to your version 1. Demo data.
    2. 02

      Read what is new

      Click the pill. What's new in 1.13.0 lists the changes in plain words. If you skipped some versions, it shows the notes of each one in between, newest first. Long notes scroll inside the card, so the buttons always stay in view.

      What's new in 1.13.0
      New-An example of a new feature, described in plain trader language.-Another change you will notice on the desk.
      Fixes-A fix, with what it means for your orders or your screen.
      Scalpel restarts in a few seconds and reconnects to TWS by itself.
      Restart and updateUpdate when I quitSkip this version
      What's new, flat and ready to restart: Restart and update, Update when I quit, and Skip this version. Example release notes.
    3. 03

      Choose when to install

      • Restart and update: Scalpel saves everything, closes, swaps in the new version and starts again in a few seconds. It reconnects to TWS or IB Gateway by itself.
      • Update when I quit: the pill changes to Update 1.13.0 installs when you quit. The update goes in when you close Scalpel, and the next start is the new version. Use this mid-session.
      • Skip this version: the pill goes away until a newer version comes out. Check for updates in Settings > About still offers it if you change your mind.
    4. 04

      Confirm the new version

      After the restart a toast reads Scalpel updated from 1.12.6 to 1.13.0. The status bar and Settings > About show the new version and build, for example v1.13.0 (8b1e2d4).

    The trading guard

    Restart and update is greyed out while Scalpel has an open position (in either mode, or anything open on your IBKR account), a working order, or a live stop. Your stops are watched by Scalpel itself, not held at Interactive Brokers, so they stop being watched while it restarts (guide 5.1). The window says why:

    What's new in 1.13.0
    New-An example of a new feature, described in plain trader language.-Another change you will notice on the desk.
    Fixes-A fix, with what it means for your orders or your screen.
    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
    With a position open, Restart and update is disabled and the reason is shown. Update when I quit is always available. Example release notes.

    Flatten and cancel, then restart, or pick Update when I quit and carry on.

    Updates in Settings > About

    Open Settings (Ctrl+,) > About. The Updates block has everything:

    Settings
    ConnectionTradingStopsRiskSizingAppearanceAudioHotkeysIntelAbout
    Scalpel
    v1.12.6 (4f2c9a1)
    A keyboard-first day-trading cockpit for Interactive Brokers. Market data and orders go through your own TWS or IB Gateway; nothing leaves your machine except the optional intel lookups you switch on.
    Licence
    Licensed (SCLP-****-****-****-W8RB). Active on 1 of 2 computers.
    Manage licence and computers
    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 12 minutes ago).
    Check for updatesGo back to 1.12.5
    CancelApply
    Settings > About, Updates outlined: the channel, automatic download, the status line, Check for updates and Go back. Demo data.
    ControlWhat it doesDefault
    ChannelStable for everyone, or Beta (early builds) for new versions first (guide 12.3)Stable
    Download updates automaticallyOff: the pill says Update available: 1.13.0, and the download starts when you click Download in What's newOn
    Status line"Scalpel 1.12.6 is up to date (checked 12 minutes ago).", "Downloading version 1.13.0 (42%).", "Version 1.13.0 is ready. It installs when you restart Scalpel." or why the last update failed
    Check for updatesChecks now; a toast says "Scalpel 1.12.6 is up to date" if there is nothing new
    Go back to 1.12.5Restores the version you had before the last update, then restarts. Shown only while that copy is kept

    Channel and automatic download are saved when you click Apply.

    Going back a version

    After an update, Scalpel keeps the previous version until the next one. If something about the new version gets in your way, click Go back to 1.12.5 in Settings > About. The same trading guard applies: flatten first. Scalpel restarts on the old version and skips the one you left, so it is not offered again automatically. Your settings carry over both ways.

    Scalpel also protects you from a version that will not start: if a new version fails to come up twice, the third start puts the previous version back by itself and says "Version 1.13.0 did not start, so Scalpel went back to 1.12.6". The failure is reported so it gets fixed.

    Urgent updates

    A release that fixes a bug that can affect your orders is marked critical. Its pill turns amber with an alert icon, the toast is amber, and the notes open with "This update fixes a problem that can affect your orders. Install it before your next session." If your version is ever below the minimum supported one, a banner under the header says "This version of Scalpel has a problem that affects your orders. Update before you trade." with See the update. Neither blocks a session in progress.

    Scalpel 1.13.1 is ready. It installs when you restart.
    IBKRConnectedUpdate ready: 1.13.1v1.12.6 (4f2c9a1)
    A critical update: the pill turns amber. Demo data.

    What can go wrong

    • The update fails or keeps waiting. Usually Scalpel cannot write to its own folder (Program Files, a read-only drive) or, on a Mac, is running from the disk image or Downloads. The status line says so. Move Scalpel and start it from there, or download the new version from your account page. See guide 13.11.
    • Restart and update is grey. The trading guard: something is open. Close it, or use Update when I quit.
    • "Could not check for updates. Try again later." scalpeltrade.com could not be reached. Scalpel keeps working; it tries again at the next check.

    Release notes for every stable version are on the changelog. New releases are also announced in the Discord.

    Questions

    Does Scalpel update itself while I am trading?
    No. It downloads in the background but only installs when you click Restart and update, or when you quit after choosing Update when I quit. Restart and update is blocked while you have a position, a working order or a live stop.
    Are updates free?
    Yes. Every update is included in the one-off licence.
    How often does Scalpel check for updates?
    About 20 seconds after it starts, then every 30 minutes while it runs, and at once whenever you click Check for updates in Settings > About. You never need to restart it to find an update.
    Can I go back to the previous version?
    Yes, while it is kept: Settings > About > Go back to (version). Scalpel keeps the version you had before the last update until the next one installs.
    Do I lose my settings when I update?
    No. Settings, presets, hotkeys, layouts, the SIM account and your journal all carry over, and an older version can still read them if you go back.
    Can I turn updates off?
    You can turn off automatic downloads in Settings > About, so nothing downloads until you click Download. Scalpel still checks, so you hear about urgent fixes.

    Related guides

    Guide 12.3Try new features early: the beta channelSwitch Scalpel to the Beta channel to get new builds before everyone else, what to expect from a beta, and how to go back to Stable when you want to.Guide 13.11An update did not install, or Scalpel went back a versionWhy an update can wait, fail or roll back: the trading guard, a folder Scalpel cannot write, a failed start. How to check, retry or go 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.
    Previous: 12.1Move your licence to a new computerNext: 12.3 Try new features early: the beta channel
    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