Propranolol is indicated for the management of various conditions including:
Control of tachycardia/tremor associated with anxiety, hyperthyroidism or lithium therapy.
Migraine prophylaxis  
Cluster headaches prophylaxis
Tension headache (Off the label use)
There has been some experimentation in psychiatric areas:
Treating the excessive drinking of fluids in psychogenic polydipsia,
Aggressive behavior of patients with brain injuries
Post-traumatic stress disorder
Primary exertional headache
While once first-line treatment for hypertension, the role for beta-blockers was downgraded in June 2006 in the United Kingdom to fourth-line as they perform less well than other drugs, particularly in the elderly, and evidence is increasing that the most frequently used beta-blockers at usual doses carry an unacceptable risk of provoking type 2 diabetes.
Propranolol is also used to lower portal vein pressure in portal hypertension and prevent esophageal variceal bleeding.
Propranolol is a beta blocker and it does work quite well to prevent migraines. It will not help one underway though. I take Atenolol which is a similar drug for my blood pressure but it has greatly reduced the amount of migraines I get!! I used to get 1-2 every month-now I'm lucky if I get one 1-2 times a year!!! It is great I must say! I hope it works as well for you. Be patient though, it does take a little while to work and it can be subtle. One day you will just realize "hey I havent had a headache in awhile" If you do get one, you will need something to treat the actual migraine like Imitrex or another pain reliever.
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