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Table 6 Best pairs of Moving Averages considering the combination EMA vs EMA

From: Examination of the profitability of technical analysis based on moving average strategies in BRICS

Countries Brokerage
No Transaction Costs 0.50% 2%
Brazil. Short: [5; 20] Short: [11; 24] Short: [20; 32]
Long: [80; 105] Long: [80; 110] Long: [80; 112]
Russia. Short: [5; 8], [11; 14] Short: [19;20] Short: [26; 28]
Short: [5; 8], [11; 14] Long: [80; 82] Long: [91; 92]
India. Short: [5; 13] Short: [5; 16] Short: [15; 20], [30; 34]
Long: [80; 120] Long: [80; 96] Long: [80; 120]
China. Short: [5; 7], [32; 34] Short: [33; 38] Short: [33; 40]
Long: [80; 85] Long: [80; 120] Long: [90; 120]
South Africa. Short: [36; 40] Short: [36; 40] Short: [35; 40]
Long: [96; 120] Long: [96; 120] Long: [97; 120]