The Homing Missile weapon system is best suited for short to medium range combat as they track onto the enemy and will detonate upon impact with the target. In order for the missiles to track however, You must have the weapon system selected, Hover over the opponent until a red box appears and then fire for it to successfully track such as shown to the right. 

The missiles however will detonate automatically after a certain amount of time (Roughly 7-12 seconds) if they do not make contact with the target that they had locked on to or some other object. They can also be used against ship hardpoints however they won’t lock onto them. The Homing Missile weapon system can be found on the Fighter Class/Specialized Class only.