A: From what we have seen in the stories of real women treated for PMDD, post-partum depression & post-partum psychosis as well as the frequent anxiety, depression, even bipolarity associated with the years surrounding the menopause, both estrogen and low dose testosterone are powerful anti-depressants in their own right, although only when administered expertly.  Tossing a patient crudely on a few estradiol oral pills in standard dosage isn't going to help however. And remember, these hormones, while avoiding the risks & side-effects of psychoactive drugs, are at the same time protecting you from dementia, heart disease & so forth.