Missiles fulfill a wide array of specialised roles ranging from intercepting and taking ships out of travel mode to destroying surface modules to demolishing capital ships.
The standard dumbfire missiles (in-game referred to only as heavy and light dumbfire missiles) have the greatest rate of fire, however, they are unguided and will move in a straight line.
Cluster missiles are a variant of dumbfire missiles and have a slower rate of fire than their standard counterparts but are more destructive.
Torpedoes are the heaviest hitting of all dumbfire missiles and can only be fired by torpedo launch tubes from S or M sized craft capable of mounting missile launchers, they are the slowest of all missile varieties and as such should not be used against nimble or small targets.
Lock on missiles have a short "lock on delay" when a new target is selected this is indicated by a diamond reticule. When a missile has successfully locked onto a target the diamond will be in the centre of the ship and the word "LOCKED" in red text will be adjacent.
EMP missiles are the fastest and longest ranged of all missile types and are optimal for knocking far away ships out of travel drive. it is bets employed when the ship is moving away from the player as the missile has poor manoeuvrability.
Heatseeker missiles are a cheaper version of the smart missiles and fairly similar besides the "lock-on" requirement. They are available in both the light and heavy variants
Smart missiles do not have a "lock on delay" and will be able to track their target the instant it is selected before firing.
The standard smart missile (in-game referred to as the heavy and light smart missiles) is an average missile in that it is moderate in terms of speed, damage and manoeuvrability. This actually makes both variants quite potent if expensive as they are great against larger targets while being capable of tracing small ones.
Swarm missiles are great anti-fighter and anti-missile solutions and are launched as volleys at a time. They can also be employed to some effect against surface elements as they deal damage over wide areas.
Missile launchers can be mounted as gimballed turrets or as front-facing launch tubes in the case of S and M class ships. The main distinction between large and medium missile turrets is that the large missile turrets can carry a greater complement of missiles. Missile complement can be complemented by turret mods like "bandolier". Similarly in the case of their front-facing weapon variants the Mk2 launchers carry more missiles than their Mk1 equivalents.
Dumbfire Launcher (Weapon/M/L)
The dumbfire launcher is capable of launching the dumbfire and cluster missile variants but incapable of launching torpedoes.
Torpedo Launcher (Weapon)
The torpedo launches only the heavy and light versions of the torpedo and can only be mounted on S and M weapon hardpoints.
Tracking Launcher (Weapon/M/L)
The tracking launcher offers the greatest variety in missile types launched and can launch all guided missile types.
Much of this page was created from information provided by Euclid in this forum thread https://forum.egosoft.com/viewtopic.php?f=182&t=408569&hilit=missiles+euclid&sid=c229701e84aa18934738cd3b89a47c76.