Testosterone is released following exercise, but the amount released depends largely on the type of exercise employed. Generally resistance training results in higher amounts of testosterone produced compared to other forms of exercise. The number of sets undertaken within that resistance training has been shown to impact subsequent testosterone release but only if that causes a change in volume. If the volume of work is held constant, then changing the number of sets does not alter testosterone release. Therefore the number of sets may just be a marker for total workout volume, the latter being the true determinant of hormonal changes. Another factor to consider is that as the number of sets increases, the total intensity of the workout must fall concomitantly. As intensity is a driver of testosterone release, lowering the intensity by increasing the number of sets would not be expected to increase testosterone release if the total volume of work remained the same. For example, lifting 100 kg 9 times with 3 sets of 3 repetitions would be the same volume of work as lifting 10 kg 90 times with 3 sets of 30 repetitions, but the intensity is lower, although the number of sets has increased significantly. Under such circumstances, adding more sets would likely not raise testosterone levels as much as the more intense protocol. However, lifting 100 kg 12 times with 3 sets of 4 repetitions would increase the volume whilst keeping the intensity the same, and this may raise testosterone levels compared to lower volumes of work.
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Vingren, J. L., Kraemer, W. J., Ratamess, N. A., Anderson, J. M., Volek, J. S. and Maresh, C. M. 2010. Testosterone physiology in resistance exercise and training: the up-stream regulatory elements. Sports Medicine. 40: 1037-1053