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The formula for calculating the EMA at time periods t2 is  This formulation is according epiphany trading prop reports Hunter (1986)  ; an alternate approach by Roberts (1959) uses Y t in place of Y t-1  This formula can also be expressed in technical analysis terms as follows, showing how the EMA steps towards the latest price, but only by a proportion of the difference (each time),  In theory this is an finite sum.
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