Thank you for your reply
Yes, you are absolutely right, bad simplification.
I've noted a lot of complains on a lot of forums about those side effects and no improvement in anything but lab results.
Yes to the first sentence (again - my simplification). So, according to you, SHBG is dependent on E2 in this case and not on (other) properties of clomiphene? I have doubts. Please read the following (also contains info on cortisol):
So: 1 [AI's don't work on aromatase conversion in testicles] or 2 [conversion in testicles happens via different enzyme]?
I meant - a lot of people claim that on Clomid their TT is high, E2 is high but FT is very low (and I know that some medical research papers say different). If FT is low then there is no improvement in for example libido. Also - there are some, that have less sensitive T receptors and for them FT is crucial.
I understand modulation. What did you mean by [T+SERM vs SERM will increase E2]? On T+SERM E2 will be higher than on SERM alone? If that's the case - yes I think the same.