This is a great exercise for warm-ups, shoulder mobility and stability, and for hypertrophy. I would suggest using the same grip width as you use on your bench press, but it will depend on your range of motion.
Elbows should be beneath the wrists in the front and back position. Press the bar up just high enough to clear your head, rotating from front to back.
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Whenever you can make a workout more time-efficient, you're stacking the odds heavily in your favor. Not only do you complete your training in less time, but you've also got more time to recover before the next onslaught!