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.
EX4 TO MQ4 Decompiler. GTS no longer offers decompiling services. Whilst we believe it is up to the owner/submitter of EX4/MQ4 files to decide if they are breaking any copyrights and are not the legal owner of the files MetaQuotes (owner of MT4) have decided that the following agreement signed by users of MT4/5 prevents GTS from providing any. This video for beginners guide. Forex Meta Trader 4 And Meta trader 5 basics information. What is different.
I never tried it, but it is interesting. Hope that helps!
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