how is RSI calculated based on price, does it consider the wicks or just the opening and closing price only?
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“Wicks” are a phenomenon only of “candles”, but that’s just one charting method, and of course you don’t need to be using candles at all, to measure RSI.
RSI is based on the “average gain” and “average loss” during defined periods. That in turn is calculated from the difference between the open and close of each period, so the wick-lengths (if you’re using candles) wouldn’t be relevant to it.
The link below should definitely help you (though like all descriptions of how indicators work, there are one or two sentences in it which not every experienced trader would fully agree with - still, it’s the best and clearest “summary” I’ve found.
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Wicks are just there to provide additional information on technical patterns. Almost all the traditional indicators out there are calculated on close and open not highs and lows.
The image below shows the calculation for finding an RSI, hope it helps.;
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