MetaQuotes has shifted focus to MetaTrader 5 (MT5) and, more recently, the cTrader-like web platform. However, tens of thousands of MT4 EAs are still active, managing billions in assets. As of 2025, new builds of MT4 (1350+) include a p-code obfuscator that breaks version 4.0.5 completely.

represents a controversial chapter in the history of the MetaTrader 4 (MT4) trading community. To understand its significance, one must look at the tension between intellectual property protection and the desire for transparency in algorithmic trading. The Technical Context

The software reads the EX4 file’s header and bytecode layout. EX4 is not machine code; it is a p-code (pseudo-code) interpreted by the MT4 client. This is actually advantageous because p-code retains more structural information than raw assembly.