The second build on this guide is the true one. After all the feedback and comments and even a few test games the second guide is the one to use. I am keeping the first just to show comparison and to have another point of view
Chaos Knight IMO can be played just as many ways as a Venomancer can. He has such versatility throughout the entire game. He can roam with his stun and rift lone heroes are certain kills with the help of a teammate. He can play a hard carry and farm super hard just like the rest of them. He can also play semi carry, although this seems obvious and is usually his given role. He is one of my favorites, and I really just started trying out new things on him other than the general armlet build and everything I try seems to work out. This guide has an emphasis on his late mid-game to late game potential. But I will focus on chaos being a hard carry and late game a rax shredder.
The items are straightfoward. You buy items that give you staying power in the lane and items that build into your mid-game itemas. Chaos Knight has such good first blood potential, that you should go for it at level two at the latest if you have not already. A chain stun or nuke paired with your stun and rift and the hero is a goner even if they are tanky. The gist of early game should be farm and farm hard. Get those mid-game items before the mid game.
Don't be absent for team fights as you can change the entire face of them with your skills. I don't like absentee carries who are always farming although I do see the need for them and also their late game potential. Key to keep in mind is to not die. Don't go charging in recklessly without help at least because they will more than likely focus you down. Atleast I would focus CK down. I know what his potential is. Hopefully by this time you have your manta style and two levels of ulty. You should be able to coordinate a split push with your team and take at least one of the targeted towers. CK can escape pretty easily being one of the faster heroes in the game, but make sure that you expect the gank coming. Use your drum if necessary to get away.
I think that you can rush the manta style on chaos and for go the bracer and drums if your teams is doing well. This will only increase your farm and pushing power once you have it. This has not worked for me as I like to be present in team fights and helping the team overall and this slows your farm. I buy the items when I can, but by early mid-game I don't usually have enough farm to even consider going for manta. I admit that I suck at last hitting and oftentimes play with a support who steals my cs.
Even without the lesser crit and daedalus you should still be doing massive damage. Couple that with the fact that you can have an extra five teammates with your level three ulty and manta team fights are near guaranteed wins. After the teams fight is over, you should have won with a decent team, use your manta style to take the tier 3 towers and rax. Should go rather quickly and your team really isn't necessary to accomplish this feat. If you have your ulty at the rax then consider them demolished.
Anyone with a stun guarantess a first blood.
Sand King, Lion, Leshrac, Dragon Knight come to mind as they can chain stun very easily and ensure first blood. I also like these four late game.
Slows also help although I don't believe they guarantee a kill
The manta style cost on mana is huge and having someone with arcane boots is very nice or having a KOTL on your teams helps. After a team fight using all of your items and skills CK will be completely depleted and will more than likely only be able to rift after, I still don't know how to answer this problem and it can truly be a waste of a good time to rax. Any opinions on items that will fit into build for cheap to help with this problem would be greatly appreciated.