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Discover How to Calcuate an Exponential Moving Average in Excel

We can use the Data analysis option in excel to calculate an exponential moving average. An exponential moving average (EMA) places more emphasis on recent data points than a simple moving average which considers all observations within a period. The steps below will walk through the process.

Figure 1- How to Calculate an Exponential Moving Average in Excel

Inserting Data Analysis Option

If you do not have the Data analysis option, follow these steps:

  • Click on File, click on options, click on Add-Ins,

Figure 2- Inserting the Data Analysis Option

  • Click on Go… at the bottom of figure 2
  • Check the Analysis Toolpak box and the Analysis ToolPak- VBA

Figure 3- Checking the Analysis Toolpak box and Analysis ToolPak- VBA Options

  • Press OK.

Setting up the Data


  • We will use the data in Figure 4 to compute the exponential moving average


Figure 4 – Setting up the Data

Calculating the Exponential Moving Average

  • We will click on Data and then, Data Analysis

Figure 5 – Clicking on Data Analysis

  • We will click on Exponential Smoothing and press OK

Figure 6 – Clicking on Exponential Smoothing

  • On the dialog box, we will click on the input range and select Cell C5 to Cell C12. We will input the damping factor as 0.2. We will also insert the output range (Cell D5 to Cell D12) where we want the result to be displayed. We can check the Chart Output and Standard errors boxes if we want them displayed. We will press OK

Figure 7 – Inserting the Parameters for Exponential Smoothing

Figure 8 – Result of Exponential Moving Average


  • If you have no clue on what you want as the damping factor or smoothing constant, it is best to leave the box empty

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Are you still looking for help with the Average function? View our comprehensive round-up of Average function tutorials here.

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