Companion cavalry
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The Companions (Greek: εταιροι hetairoi) were the elite cavalry of the Macedonian army from the time of king Philip II of Macedon, and were also the elite guard of the king. They would be used as the hammer, in conjunction with the Macedonian phalanx-based infantry, which acted as the anvil. The phalanx would "fix" (pin) the enemy in place, and the Companion cavalry would attack the enemy on the flank or from behind. It should be noted that the Macedonian kings employed other cavalry forces, which were often deployed on the left flank. The companions were a heavier, better armed unit, made up mainly of noblemen.
In the battles of Alexander the Great, son of Philip II, he would personally lead the charge with his cavalry, usually in a wedge formation. In a pitched battle, the Companions usually fought on the right wing of the Macedonian army, next to the shield bearing guard, and he normally positioned the phalanx in the center. The various cavalry troops would also protect the flanks of the Macedonian line during a battle. As heavy cavalry, the Companions were Alexander's decisive arm in battle.
The Companions were organized into territorial squadrons, made of 200 to 300 soldiers. In Alexander's campaign into Persia, there were eight squadrons, commanded by Philotas, with one being the royal squadron. Philip II of Macedon enlarged the size of the unit to around 2000 soldiers, as opposed to the 600 used as a mounted bodyguard for the king in battle.
The Companions would ride the best horses, and receive the best weaponry available. In Alexander's day, each carried a xyston (a long, two-handed lance), and wore both a bronze or iron breastplate and helmet. A kopis (curved slashing sword) was also carried for melee combat. Their horses had a large amount of thick felt draped over their sides like cataphracts' scale, while they probably had breast and head plating for protection against spears, etc.
[edit] Under the successors of Alexander
The Companion cavalry of the Diadochoi (Alexandrian successor-states), were all more heavily equipped. Seleukid Companions were noted to have worn lighter, but not otherwise dissimilar, equipment to the cataphracts at the Battle of Magnesia in 190 BC, which may have included partial horse armour and leg and arm protection. Ptolemaic Companions were also equipped with a large round aspis cavalry shield unlike the Companions of Phillip and Alexander.