You don't want your elbows to flair at the bottom and you don't want them tight up against your side. Roughly about a 45 degree angle will provide the best leverage. To close to your side and your placing most of the load on the front delts.

As far as your grip you want the bar to be in line with your forearm not a limp wristed grip back towards your face.

Where you place your grip width is a personal choice. I can't go as narrow as some have recommended just because my body won't work that way. Just vary your grip periodically and you'll get the most benefit.