I used to have terrible panic attacks with the same protocol (androgen, armidex, and hcg. I have lower SHBG as well, and am sensitive. I know as soon as my E2 gets slightly high, b/c I get panic attack. I did great on just strait Androgel for 5 years, then my things got hairy. I was overweight, bloated, swollen prostate, panic attacks, moodiness (esp. in am), hot flash's/sweats, and the atrophy and that motivated me as it was pretty obvious I was in trouble. I had went through 3 doctors, before someone recommended on Meso was able to help. Estrogen and it was in the 70's. I tried all kinds of stuff. At first I felt great from low dose hcg, and Armidex too but I experienced what you are describing....hormones fluctuating all over the place. Sometimes Armidex wouldn't do shit, sometimes I crashed my E. Then I found my current protocol, Androgel and Aromasin with two OTCs. The Aromasin just works better, and I would be in trouble for sure if I went back to Armidex. The two OTC's also have worked wonders; 1000 mgs of Calcium D Glucarate and Progesterone Cream. If I ran out of any of these meds, I know my anxiety will soon return, and I am glad I met some good folks here that guided me. I was obese and this protocol got me to where I had the motivation to start going to the gym.and have since lost a good 30 lbs which helps things too. I cut out the HCG, and with this protocol my boys are hanging and plump, as good as ever. I hope sharing what worked for me will if anything give you some ideas. I know it is an aweful place to be, with the whole TRT/HRT Anxiety deal going on. Quality of life will be better once you figure out what works for you. One other thing, I have a professional job that is tough to perform while having Panic/Anxiety. I keep some Benadryl on hand at all times, even to this day, and have found that it does help with the Panic attacks I experienced when I had to be on point (meetings/presentations/etc). Hopefully, you will be dialed into a protocol that clears the anxiety. I share this because it really did help get me through some meetings that would have been horrible without. Just paying it forward as best I can. Respectfully, Boots-man