Even if the tool works on an old file, it often produces "obfuscated" or broken code where variable names are replaced with generic placeholders (e.g., g_var_124 ), making the logic nearly impossible to understand.
Since modern EX4 files cannot be decompiled by this tool, experts on Stack Overflow and Forex Factory suggest: ex4 to mq4 decompiler 4 0 432 16
Files claiming to decompile EX4 are common vectors for malware or keyloggers targeting traders. Only download from trusted sources, if at all. Even if the tool works on an old
Usually in [MT4 Data Folder]\MQL4\Experts\ or Indicators\ . ex4 to mq4 decompiler 4 0 432 16
The original commercial decompiler (e.g., from “EX4 to MQ4 Decompiler” by a known vendor) cost several hundred dollars. A "cracked" version bypasses license checks. Version 4.0.432.16 floating on torrent sites is almost certainly an unauthorized crack.