From drawoh's post it made sense to me that the stress in the bolt is not changing appreciably because the strain is roughly constant. However, rb1957's comment fills that idea out more. I agree with his comment that the stress cycle is dependent upon the joint stiffness. This is what the equation for axial bolt load shows:
P_b = Preload_max + Loading Plane Factor*Load Factor*(Safety Factor * External Axial Load)
- AXIAL LOAD MUST BE LESS THAN PRELOAD.
-The Load factor is equal to the bolt stiffness divided by
the sum of bolt stiffness and joint stiffness.
-The loading plane factor is the thickness of joint between
force application points divided by the total thickness
of the joint.
Therefore, the load on the internal threads will vary between preload max and P_b. Conservatively, the internal threads have to withstand preload_max+SF*external axial load. That is closest to reality when the joint is less
stiff than the fastener. If the joint is stiffer than the fastener then the fastener picks up the load.
However, this equation suggests that if the bolt and joint stiffness is the same the bolt load will vary between preload and preload+50%*axial load. Suggesting, fatigue failure is possible if the preload is all ready 80% of yield.
This equation is in Shigley (p 421) in a slightly different form (no loading plane factor). I got this particular formula from a NASA docuement, NSTS 08307 Criteria for preloaded bolts.