Can I overclock this cpu and how far?

[Zmanrocks]

Hello everyone, I would like to thank you all in advance for atleast trying to help me out.

My mobo/cpu:
CPU:Intel I5 4690K
MOBO: Gigabyte Z97X-Gaming 3

I would like to explain my current situtation with cooling.... So basically I have ordered a cpu fan (https://www.amazon.com/Cooler-Master-Direct-Contact-Unique/dp/B01KBXKP8W/ref=sr_1_2?ie=UTF8&qid=1494017481&sr=8-2&keywords=cpu+fan) that will arrive tomorrow to put on my cpu. for now I have a fan blowing in my pc (idk why I did so I just wanted to see how it affected my temps) so i would like to know how much I can overclock my current cpu AND how to overclock it because I have no Idea. Thank you all once again.
EDIT: idle temps=40c Load temps=60c

EDIT: Idle temps are 40c load temps are 60c

 

[boosted1g]

Yes you have an overclockable K cpu and Z series motherbaord so you can overclock

How far you can overclock it comes down to what your case cooling is, how stable of voltages your PSU has (a poor quality PSU wil hurt this), how good your cooler/paste is and also just how lucky you got with the chip. Under the exact same conditions one 4690k can reach say 4.1 ghz and another 4.3 ghz its just luck of the draw.

 

[WildCard999]

In addition to what boosted1g stated you will want to test with Prime95 version 26.6. I typically test using Small FFT's for about 10-30min. Here is also a link to the Intel Temperature Guide by CompuTronix which is perfect to help you start overclocking.
http://www.tomshardware.com/forum/id-1800828/intel-temperature-guide.html

 

[10tacle]

Regarding what your CPU can overclock to, all other things being equal (you have an average silicon quality chip and good airflow through your case), with an EVO 212 you should expect to see up to 4.3GHz or so on all four cores and keep temps and voltages in line (remember that "Turbo" boost is only on one core).

For overclocking instructions, Tom's Hardware has a sticky note database for overclocking and cooling detailing the basics found here. Every motherboard's BIOS is a little different so nobody can really step by step walk you through it unless they have your motherboard. But it is important to do your homework and understand what all is involved, what is crucial, and what is dangerous as a new overclocker.