In this guide I will help you to optimize your game to run nice on Ultra settings (assuming you have a good PC).

My PC specs are:

Processor: AMD Ryzen 7 3800x
Motherboard: GIGABYTE X570 GAMING X
Graphics Card: Nvidia GEFORCE RTX 2080 Super WaterBlock
RAM: 16 GB 3800MHz

This is a very good PC, but it is just to show you what I am working it and what kind of components would you need for this to work. Based on that you can see if you would need to adjust/change the settings that I will now show you.

Now I will divide the Graphics Settings into parts which are:

* VIDEO
Resolution: 1920x1080 (While I was on a weaker PC that had Ryzen 5 1400 and GTX 1050 Ti I used to run on 1280x720)
Refresh Rate: 144 (this applies if you have a 144hz monitor or higher)
Screen Type: Fullscreen (some people tried borderless fullscreen, but for me this one worked out the best)
VSync: Off (obvious in almost any game)
Triple Buffering: Off
Pause Game On Focus Loss: Off
Constrain Mouse Pointer: Off

* GRAPHICS
Quality Preset Level (Custom); This will automatically be set to custom when you start to change everything else.
Texture Quality: Ultra
Anistropic Filtering: X16
Lightning Quality: High
Global Illumination Quality: High
Shadow Quality: High (you can lower this, but it seemed alright on high)
Far Shadow Quality: High
Screen Space Ambient Occlusion: Ultra
Reflection Quality: Medium
Mirror Quality: Ultra
Water Quality: Custom
Volumetrics Quality: Custom
Particle Quality: Ultra
Tessellation Quality: Ultra
TAA: Medium
FXAA: Off
MSAA: Off

* ADVANCED GRAPHICS
Advanced Settings: Unlocked
Graphics API: Vulkan (Vulkan is usually for AMD, but for me somehow it has gotten me 10 fps more, but you can experiment)
Near Volumetric Resolution: Low
Far Volumetric Resolution: Medium
Volumetric Lightning Quality: High
Unlocked Volumetric Raymarch Resolution: On
Particle Lightning Quality: Medium
Soft Shadows: Ultra
Grass Shadows: Medium
Long Shadows: On
Full Resolution Screen Space Ambient Occlusion: Off
Water Refraction Quality: Medium
Water Reflection Quality: High
Water Physics Quality (SET THE BAR TO HALF)
Resolution Scale: Off
TAA Sharpening: (SET THE BAR TO HALF)
Motion Blur: Off
Reflection MSAA: Off
Geometry Level of Detail: (SET THE BAR TO HALF)
Grass Level of Detail: (SET THE BAR TO ONE BELOW HALF)
Tree Quality: High
Parallax Occlusion Mapping Quality: Ultra
Decal Quality: Ultra

At the end, in average I was able to have around 100 fps, sometimes 110, but mostly around a 100 with the lowest drop to 90.

REMINDER: THESE SETTINGS ARE RECOMMENDED FOR A HIGH END PC, FOR LOWER END YOU WOULD NEED TO TURN THEM DOWN, BUT IF NEEDED I CAN SUGGEST SOME THINGS FOR THAT AS WELL.