This chapter follows on the tail end of the situation which brought it about, namely, Daniel’s fast, and visitation by the angel. That chapter is not detailed, as it does not contain any particular prophecy, so the interpretation begins here, with the content of the angelic message. This is in no wise to minimize the manner or circumstance of the visitation, including the 21 day fast, but it is to emphasize only the particulars of the content of the message that Daniel was delivered.
Most agree that this starts in antiquity, with the Persian kingdom, and concensus is reached through v35 with Antiocus Epiphanes. After that point, disagreement arises, and many claim that the rest of the chapter speaks specifically of the anti-christ, a claim that we will demonstrate is not necessary, or correct. The events are fulfilled historically.
Up through v35, only a cursory exposition is given here. More detailed, and much more studied understanding of these passages are given in other places. What remains, is v36 onward, which is left for conjecture. The futurist generally sees it as entirely fulfilled, and, while a few historical interpretations do float around, what becomes clear is that vv40-44 speak of the battle of Actium in the first century BC. So, what we have is a prophetic timepiece, starting with the kings of Persia, stretching through the time of Antiochus (also the focus of Daniel 8), that continues up until the beginning of the fourth empire, that of Rome. Octavius, Marc Antony, and Cleopatra were involved in this conflict, and the focus changes to them. Octavius was the first emperor of the Roman Principate, named Caesar Augustus.
So, we see the full scope of this prophecy stretches from the second beast to the beginning of the forth, further detailing the time of the second. In the ensuing conflicts, because Rome was to the north of the Mediterranean and Egypt was to the south, the warring factions went repeatedly back and forth through Israel, and the emphasis is still upon the temple. In this, we also find the probable fulfillment of the remaining verse, v36-39, Herod the Great, for it was he that rebuilt the Jewish temple, and it was he that attempted to kill Jesus at his birth. So, we see a continuity beginning to form, leading us to the final conclusion, the Great Tribulation, some time in the Roman Empire, with Michael the great Prince standing up, and the ultimate destruction of the city in 70 AD.
Because others do a much more thorough job of this exegesis in this chapter, only an outline of major events is necessary to describe the text. Because there is little disagreement about vv1-35, they can be summarily regarded.
Daniel 11:1-4
The transition between the Median-Persian empire and the Greek empire is described, and its kings.
Daniel 11:5-20
Describes the Seleucid-Ptolemy Wars.
Daniel 11:21-32
The reign and dealings of Antiochus Epiphanes.
Daniel 11:32-35
The Maccabees.
Daniel 11:36-39
Herod the Great.
Daniel 11:40-43
Caesar Augustus, Octavius, at the battle of Actium, which marks the beginning of the Roman Empire.
Daniel 11:44-45
The death of Herod the Great.