I had posted a question on IOPS limit where in EC2 instance does not use EBS. This question deals with EC2 instance with Elastic Block storage. The environment goes as -
Considering graphs above could I safely assume that I am not hit by IOPS limit?
7800 requests per second. Each request is 4 KB for read. So, total is 31200 KB, which is around 31 MB/sec. For write it comes around 18 MB/sec as per your data. For c4.8xlarge 500 MB per second is the max as per this: EBS EC2 Config.
The throughput depends on the EBS volume size. The current ratio is 30:1 as per: EBS IOPS:GB ratio.
So, for 120 GB on c4.8xlarge, you need to get 3600 Mbps or 450 MB/sec.
Also, did you try increasing the number of m4.4xlarge instances or using a much powerful m4.10x instances. May be that can also be a bottleneck. What was the CPU usage on these instances when the tests were running?