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It’s not a matter of one being better than the other. Mq4 is the source code, what humans can read. That allows you to see how the indicator works.

When you add it to the MT4 folder, MT4 automatically compiles it to ex4, a format that MT4 can understand. Indicator vendors will give you the final product in ex4 so you cannot see how it works and steal it. There are a lot of decompilation services that claim that they can translate ex4 into mq4 so that you can see how an indicator works and make your own or modify it. I never tried it, but it is interesting.

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