Tried this and didnt work… 
It just creates a new unreal engine folder, and all the derived data caches with it…
The best way to do it is still to edit the baseengine.ini in the engine version installation folder, and let it create the cached files in a new folder.
Only problem about this method is it being overwritten with each respective engine update, so that is a thing to keep in mind = you have to repeat the whole process.
Update: in the recent UE4 versions it’s possible to change DerivedDataCache global location in the Editor Preferences. Just navigate there and search for “derived”. It requires editor restart.
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This worked for me now. Applying that setting seems to be sticking. Thanks a lot. I was getting aggravated running out of C drive space every time I started a new project, resetting the DDC folder location.
If anyone is still having issues making this work, a fool proof way would be to keep the folder path where it is, move the contents to somewhere else on another drive and then create a symbolic link where the previous shader path was.
For instance:
move the whole folder c:\users<your username>\AppData\Local\Unreal Engine to X:\Unreal Engine
Then open a command prompt with Administrator access and simply execute the following command:
mklink “c:\users<your username>\AppData\Local\Unreal Engine” “X:\Unreal Engine”
That’s it. Now all files will make their way automatically to the new path.
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Just tried it, works like a charm, danke !!
I don’t recommend this method. It always rebuild shader everytime when you open the project. There is no point of “cache” when you do this.
Edit: I found the solution.
Go to Epic Games\UE_4.27\Engine\Config and open BaseEngine.ini
CTRL+F and search for [InstalledDerivedDataBackendGraph] then change the Path in the screenshot below.
Video Tutorial:
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