Understanding Decompiled (Stolen) Indicators in MT4

A decompiled indicator is one that was originally distributed as a protected .EX4 file, but later hacked with an EX4-to-MQL4 decompiler to expose its source code. In simple terms, someone has broken into the file to steal the original coding work.

🔒 Why Are .EX4 Files Decompiled?

In rare, “innocent” cases, a trader may try to decompile a file they purchased, especially if:

• The original coder is no longer available for support.
• They wish to add features or improvements themselves.

However, this is almost never the real reason. The main motive for decompiling is scamming and theft:

• People who lack coding skills decompile an existing file.
• They rename it with something flashy (e.g., “Pip Magic”).
• Then, they resell or distribute it as if it were their own creation.

This damages the original developer’s work and misleads unsuspecting traders.

🔍 How to Spot a Decompiled Indicator

If you’re unsure whether an indicator has been decompiled, open it in the MetaEditor. Signs of decompilation include:

• Variables named with machine-style codes, e.g., gi_212, g_393, instead of meaningful names like avgPeriod.
• Generally messy, hard-to-read code with no logical naming conventions.

Professional coders name variables based on their function, but a decompiler replaces them with random machine labels.

⚠️ The Problem With Decompiling

While a decompiler may produce editable MQL4 code, it comes with serious downsides:

• Loss of Information: Variable names, comments, and structure are stripped out, leaving unreadable machine code.
• Broken Trust: It disrespects the original creator’s rights.
• Ethical Concerns: Just as people lock their doors to protect their home, developers protect .EX4 files to safeguard their work.

🚫 Why Forex-Station Refuses Decompiled Files

Forex-Station (and many other reputable communities) will not edit or support decompiled files because:

• It’s unethical.
• It’s intellectual property theft.
• Supporting decompiled code encourages more piracy and scams.

Respect for developers is vital — if a coder chooses to protect their work, it should be honored.

❓ Common Questions

❓ I downloaded an EX4-to-MQL4 decompiler but it doesn’t work. Why?

• Newer MT4 builds no longer allow decompilation. This safeguard was introduced to protect coders.

❓ Can I decompile just to learn how indicators are coded?

• No. Instead, use the many free, open-source MQL4 indicators available online. They are released for learning and modification.
• Once you’ve spent time coding your own indicators, you’ll understand why developers protect their source code.