Is there a non-recursive way of calculating the exponential moving average?

I want to calculate the exponential moving average for many stocks in a large investable universe. To do this, I've seen the following formula: $EMA_n = p_n\frac{2}{T+1}+EMA_{n-1}\left(1-\frac{2}{T+1}\right)$ Because it references the previous day's exponential moving average, it seems to me like I would need to calculate the exponential moving average for every day going back to the security's inception in order to get an accurate ema for today. This seems like it would require too many computations to be used effectively. Is there a way to calculate an accurate ema that is less computationally heavy?