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An EX4 file contains p-code (pseudo-code) interpreted by the MT4 client. Decompilers attempt to reconstruct the original MQL4 source by analyzing this p-code and the structure of the executable. While theoretically possible, the result is rarely perfect: variable names are lost, comments disappear, and logic may be obfuscated. Decompiled code often requires significant manual repair to compile or function correctly. ex4 to mq4 decompiler 40432 link
Using such a tool often violates the intellectual property rights of the original developer, as EX4 files are intended to protect proprietary trading logic. Modern Alternatives ex4 to mq4 decompiler 40432 link