Depends what you mean by "pretty low"--if that's almost straight, you have a longer lever. Because the arms mirror the legs (actually they very slightly *lead* the legs), longer-lever arms can *tend* to induce a longer stride and slower step-tempo at any given speed. A longer, more powerful stride may be right for you when running shorter races, but energy-wasteful at longer distances. I personally had two natural arm carries: in the "speed" carry, the elbow was open about 100 degrees; in the "distance" carry it was definitely less than 90, maybe 80 degrees or so.
But that varies with the individual so much! If you tend to take a light, quick stride, your arms are not going to swing a lot, and may be pretty closed at the elbow. Anyway, three things that apply to most people:
1. Most important: at any speed, there should be some play in the elbow. It opens some as it swings back, closes a bit as it swings forward. This is most obvious when watching sprinting, e.g.
http://www.neilpeterson.com/wp-content/uploads/2009/03/sprinters.jpg
, but there should be relaxation--a bit of opening and closing--in the elbow even at the slowest jog. Locking the elbow at any one angle makes the shoulders sway and cuts your speed.
2. The only contribution your arms make toward forward propulsion is when they're moving backward. The forward swing of the arms is just a recovery stroke; the backswing is what pushes you forward. Hence, when a coach shouts "arms" at you, you should be thinking about their backward swing. (Actually, it helps some people to think specifically about the backward swing of the elbow.) This is contrary to what feels "natural" for a lot of people, because we're so used to having our hands where we can see them; as a result, many distance runners just keep their hands in front of their chest. This tends to develop tight shoulder/chest muscles, which you can help to correct with:
3. PNF chest stretching. You should just Google-search this: pnf +stretch +chest to get a lot of guidance on how to perform this kind of stretching. However, your best bet is to be shown how to do this by someone who's experienced at using it. While PNF is typically done with a partner, you can do the chest stretch by yourself; see, e.g.,
http://findarticles.com/p/articles/mi_m0675/is_4_20/ai_90924139/
.
Good luck. Let us know what works for you.