I find myself to be more stable emotionally than I was before HRT. I do not have the mood swings that some people experience, and overall, I feel more stable, more "solid" then I did before. Overall, my mood is better than before. When I was using patches, I would have periods of great mood elevation, where I almost was euphoric! Now, I self inject, and when the estrogen level is low, I'll feel. at worst, almost as I felt before HRT.
I've never experienced depression. Sure, there are times that I'm unhappy, it's part of life, but nothing like depression. I would become depressed before I began HRT on a regular basis, now everything is as it should be. HRT is something that needs to be carefully monitored by a doctor, and if any problems appear, perhaps the dosage needs to be adjusted. Perhaps not, there may be other reasons for the depression that are best left for a medical doctor to sort out.