Calculate the moving average of weighted index or of underlying directly?

Question

I am looking to calculate the moving average for a dataset. I have two options listed below. Which one is more accurate or are they both good?

1. Calculate the moving average of an Index for each time period where the Index value is the weighted average of the underlying, so Step 1: calculate the weighted average of each time period for an index, then Step 2: calculate the moving average of the Index values from Step 1
2. Calculate the weighted average of the current and last n periods of the underlying of the Index directly.