Updating the Project Settings

Firstly, open the project settings menu found in the Edit tab of the editor.

Once the project settings menu is open, click the general settings option.

Now you can access the framerate options.

Fixed Framerate

To make sure that the frame rate can go above the limit, disable Use Fixed Frame Rate.

FPS Smoothing

Smooth Frame Rate will try to make your FPS consistent in the range that you set.

Disabling this will prevent UE4 from adjusting your frame rate.

Console Commands and Game Settings

These settings can be changed in any blueprint. In this example we used the level blueprint.

Disable VSync

Using Unreal Engine 4’s game user settings, VSync (vertical sync) can be disabled.

Vertical sync locks the frame rate of the game to 60fps.

Set Max Framerate

Using the Execute Console Command node we can enable the console command t.maxfps.

This command tells the engine what the maximum frame rate cap should be.

The number after the command is the frame rate cap.

This can be as high or as low as your project requires.

Conclusion

With these settings enabled, your project can now reach the maximum performance without limits or frame rate locks.

For more information on this topic, read the documentation linked below from the official Unreal Engine site.

Further resources:
Smooth frame rate documentation from Unreal Docs
Performance and profiling documentation from Unreal Docs

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