Basically, the unit does high damage. But it does not last long in prolonged fights due to low hp. They need to hit fast and then pull out. It’s basically like a shotel warrior on a horse. The unit would probably need to cost a lot more than it does now.
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Lancers were Shock Cavalry by definition, wherever in the world they were employed.
AoE2 has no true Shock Cavalry (Cycle Charging is impossible, there are not even any Charge mechanics), so SLs are the closest possible equivalent.
Would be cool if they had bonus damage against moving units. Historically they were used to chase down fleeing enemies.
No, Swords ands Maces were used to chase down fleeing enemies. Lances were used to break Infantry and Cavalry formations, by shock.
The value of a Lance is that it could impale a fully armoured combatant, on a charging stab. Usually the Lance would break afterwards, and the Cavalry would either withdraw to get more Lances and muster a new Charge, or would switch to their secondary weapons and chase down the fleeing members of the charged formation.
In AoE2, Cavalry is a lot more like Heavy Infantry, with only their fast movement being characteristic of Cavalry.
No serious commander would order his Cavalry to stand in the midst of Melee against Infantry, which Cavalry would lose badly, unless the battle was already won, and killing more enemy troops would be better for the war effort, than risking them escaping.
Many people think of Cavalry as Tanks from the Middle Ages, but the closest analogy would be the Airforce. Melee Cavalry would charge into battle, break the enemy, and then run back or around for another charge.
Missile cavalry would strafe alongside the enemy line and shoot down any foe they could, and encircle dsiminished enemy groups to prevent them from escaping.
Cavalry was valued for it’s Shock & Awe factor, and because it could severely disrupt battle lines, not because it could stand in Melee and duke it out with Infantry, which it actually could not.
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I have not released this mod. But could this work as a shock version of a Steppe Lancer? He does the same damage as an Elite War Elephant, but has much less hp. How would such a unit be balanced? Is it OP?
I’m not sure if it would work.
Make a data mod and test in scenario editor in different sized battles vs different units 
I have just here. But not released it. Could what I made count as a shock unit? What other edits are needed? Like cost, train time and upgrade cost? And the difference between the elite and non elite.