Oxymetholone is without a doubt the strongest and most visibly active steroid to date. Not only does it act very rapidly, it causes a virtual explosion of mass. Gains of up to 10 pounds in 2 weeks are not uncommon. This is largely due to a moderate to low androgenic effect combined with a high anabolic activity also mediated by non-AR mechanisms (mechanisms other than simply binding the androgen receptor). You can imagine that the gains made on oxymetholone aren't the leanest. You would note a drastic smoothing out of the muscle due to estrogen-related fat (lipolysis) and water retention. This lipolysis has been shown to be rather drastic. One study1 on long-term hemodialysis patients showed beyond a doubt the role that oxymetholone can play in causing hyperlipedemia. The fat deposition rate, post-hepatic (after processing by the liver), increased drastically in the oxymetholone group while numbers remained stable in the control group.
It has been suggested that the estrogenic effects of oxymetholone may not be as much mediated by estrogen, as by oxymetholone itself activating the estrogen receptor. Because there is little to no aromatisation off oxymetholone, the possible progestational effect was examined first. Similar to that of nandrolone perhaps. But a study2 testing the progestational effects of oxymetholone and methandrostenolone against those of testosterone as well as nandrolone and its metabolites showed that the progestagenic activity of oxymetholone wasn't even in the neighbourhood of that of testosterone, let alone nandrolone. Ruling out the possibility of progestagenic activity and aromatisation, that only left oxymetholone engaging in a structure with the estrogen receptor itself. Since it has an A-ring similar to that of estradiol (the prime estrogen) so this would be the most logical explanation. Since progesterone acts as an estrogen agonist, it would require circulating estrogen to negotiate such levels of water build-up as oxymetholone causes, so it seemed like a far-fetched idea to begin with.
The water component resulting from oxymetholone use is not be under-estimated either. The benefit of water retention is of course a lubrication of the joints, allowing the comfort of pain-free workouts even with extremely heavy weights, as well as the retention of more nutrients inside the cell, possibly leading to more permanent growth in muscle tissue. The downside to a massive water retention is that it gives you a rather puffed up look. A look not uncommon in off-season competitive bodybuilders and the heaviest classes of powerlifters. With the estrogen increase of course comes the increased risk of more side-effects such as gynocomastia (growth of breast tissue in men). Therefore its always advised that a cycle of oxymetholone is accompanied by the use of an anti-estrogen such as Nolvadex. Nolvadex, keeping in mind that aromatase enzyme is not involved, would be the wiser choice as it blocks the receptor for estrogen rather than the aromatase enzyme. Its wise to note as well that the gains from oxymetholone are largely mediated by estrogen, so reducing estrogen may reduce results as well.
Because it is mild androgen as well as a potent estrogen, blood volume is increased. Androgens raise the red blood cells (although this has been shown to happen through a mechanism other than erythropoesis3) to improve aerobic performance while estrogens increase the white blood cells in an attempt to stimulate the immunity. Couple that increase in blood cells to an increase in water and you get a serious increase in blood volume. This effect has been known to result in magnificent pumps for the users of oxymetholone products. The synthesis of extra erythrocytes (Red blood cells) also increases stamina and performance (this effect is largely negated by the larger estrogenic component. Oxymetholone is not a good product for athletes). Together with the unbelievable strength effect of oxymetholone's water retention that makes for some incredible workouts. On a side note, these characteristics make for anadrol's popular use in treating anemia.
The use of oxymetholone should be strict and brief. While it is no doubt the strongest steroid, quantitatively, its also by far the most hazardous steroid to your health. Apart from the great risk of common steroid-related side-effects (acne vulgaris, benign prostate hypertrophy, gynocomastia and androgenetic alopecia), it also has numerous other side-effects. Most notable is oxymetholone's hepatoxicity (damaging to the liver) : Its standard 17-alpha-alkylated as with most oral steroids, resulting in an inavoidable raise in liver transaminase enzyme counts. The most frequent of the hepatoxic effects is jaundice4 (yellow coloration of the skin) due to an oxymetholone induced increase in biliburine, but others include peliosis hepatis and formation of hepatic tumors (cancer). And that's not all. There is also a number of intrinsic side-effects noted with the use of this steroid. Headaches, stomach aches, nausea, vomiting, insomnia and diarrhea are among common afflictions associated with oxymetholone use.