The ocean material is mostly used for background vistas in borderlands. The wave material consists of 5 wave clusters, each cluster consists of 3 Gerstner waves. I add some directional noise to the wave clusters to give a natural water appearance that does not appear to tile. To finish off the tiniest wave details use an addition of the wave normal and a set of animated detail normal maps.
Translucent tiles of the material will detect the depth of meshes below the water surface and generate foam outlines around these areas. On top of this, the subsurface color is faked on large waves to give the appearance of light scattering underneath wave peaks.
The wave shape and ocean color are modifiable between instances of the material.
As an optimization, It is built out of a blueprint that creates a grid of planes and applies a translucent material along tiles intersecting other meshes, and an opaque version of the same material on tiles not intersecting other meshes.
See the ocean material's movement in this video.