I'm aware that the typical EWMA approach is applied over larger time periods (say for Volatility, where lambda = 94% and all weights add up to 100% for stock returns data from last 5 years). Reference: Investopedia: EWMA
Is there a way to apply EWMA approach for weekly data? For example, I have Mon-Fri observations as 60, 35, 50, 80, 90 and I need to assign more weights to the recent observation (instead of using a simple average). Please suggest an alternative if that suits my situation better.