If I am speed picking using my wrist, I find if I hold my little finger out (like an aristocrat drinking tea) I can go faster and better.
I will pick using the 1st knuckle on my thumb and 1st finger to make a sort of rotating pattern, or rotating the wrist, and rarely the elbow as the fulcrum. Recently I have started to move my wrist up and down (hardly noticeable) like a sewing machine needle which something I saw Eric Johnson explain in an interview. I will also combine these techniques. Open or closed hand is not as important as proper technique to me.
I always use a pick, but am constantly using my other free fingers in conjunction with the pick.