Basics
This guide will be based around the Armor/Weight ratio surrounding each piece of armor. Because really, what it comes down to, is Armor pieces should be used to fill in the weight you have left after equipping all your items. Offense such as guns and swords should not be sacrificed to get better armor. The more offense you have, the more you kill, the more you kill-steal, the more you level.
Life vs Armor
Life is calculated as being twice as effective as armor, because there are occasions where your armor will barely drop in the case of armor piercing shots and head shots. So one would rather have Life than Armor.
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Getting Started
After filling up your weapon slots and your equipment slots however you desire, you should worry about filling up those armor slots to get all the way up to 100 weight. You should keep in mind that some weapons weight goes up and down 2 weight as levels go on.
Ratios and Changes
When selecting your armor, high ratios and changes are your best friend. For example shoes and gloves offer the highest ratios, so you'll want the best possible pieces here and you should give priority to those pieces as opposed to getting the best armor. Also, you'll want to have a look at the Changes. If upgrading from one piece to another yields a poor change ratio (1.00 in the case of Iron Shoes) than that may not be the best choice for you because other pieces such as pants and even armor will give you a better ratio than the 1.00 from upgrading your shoes.
Order of Purchase
Assuming you're past level 20 and are planning what end-game items you're using, you'll want to buy:
-Warrior's Cry rings; Amazing ratio, low level, cheap.
-Vinz Casual Shoes; Next shoe change to low, this is a great pair.
-Ares Iron Gloves; Decent Change and Ratio, still beats out any armor piece.
Now depending on how much weight you have left, you have the following options:
-Upgrade to two Band of the Bloods; This option is really incase you find yourself with alot of Bounty to spare, the change is good enough to make it worth neglecting an armor piece for.
-Buy Miz Leather Trousers; Best pants ratio, great change, great armor.
Now, to REALLY be used as a filler:
-Buy the best armor piece you can with what weight you have left
-Upgrade to Ares Iron Shoes if there isn't that much room to work with.
-Equip extra grenades or other equipment.
Armors really do have the poorest ratio and it should be the last thing you should consider upgrading. It should be used as a filler, as opposed to the main armor piece used to build around, which I see many people doing in public games.
Rings
Warrior's Cry's are great ratio rings, extremely cheap. They should be used until you really have Bounty to splurge and can afford the price and extra 4 weight the Band of the Blood's have to offer. The max weight rings are trash and no one should waste money on these. Rings slots are very valuable, and the last thing you want them to do is NOT give you life.
Well, you pull up the Armor listings page found here: http://www.gunzfactor.com/armor.php and have a look at the armors available at your level. If you're level 10, you should have Warrior's Cry rings. Let's take for example you're level 12. At level 12, you can buy the following level 10 regular armors:
-Venico Leather Jacket (R:1.33) (C:2.00)
-Vinz Winter Gloves (R:2.00) (C:+5 Armor)
-Venico Ankle Band Trousers (R:1.47) (C:1.40)
-Renaut Climbing Shoes (R:3.00) (C:+5 Armor
You should spend money and upgrade your gloves and shoes before your jacket and pants because they have a substantial Change and Ratio compared to the other two pieces.
I hope this Armor Guide helped your character be the best it could be. What it all comes down to is a high ratio and high change will let you get the most out of your character.