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Try to reinstall GPU driver:
1.Leave only one monitor for this operation(240Hz)
2.Delete C:\AMD folder
4.Then reboot and plug your second monitor,checking that win10 has installed correct driver for each monitor
3. Done and replaced the 17.2.1 driver Windows 10 (64-bit) to -> 16.11.5 Windows 10 (64-bit)
4. Done, manually installed displays own "drivers" for XL2540, CAT/ICM/INF files (taken from benq official page) (<- Note: did that even with the newest drivers in the first place).
Screen doesn't go "No Signal" anymore, other monitor gets signal instantly when starting the computer, 240hz also is always on when the computer starts. CSGO doesn't go "No Signal" anymore and using mat_info command in csgo console it finally shows "Display mode : 1024 x 768 @240Hz (BGRX8888)"
Also there comes no error anymore to the AMD Radeon Settings notification section about the "link failure / cannot set requested resolution and refresh rate."
I guess the problem is fixed, thanks for the help I haven't seen others complaining about this problem yet. I hope AMD is aware of the problem in the newer drivers than 16.11.5
PS. I did use DDU before and installed 17.2.1 again and it didn't work. Before getting an answer to this topic.
EDIT: Fixed driver versions
Took correct answer away so that someone at AMD can look in to this.
240hz not working on 17.x.x drivers! Last driver that 240hz worked on was 16.11.5!
Also posted this on /r/amd to get more recognition!
I also own a new BenQ XL2540 and I have the same behaviour. No 240Hz support unless i restart the Monitor while Windows is already running. On boot up I always get the same error message you receive. A fix would be great, as mentioned before I tried 16.11.5 which worked fine!
New driver Version - Radeon Software Crimson ReLive Edition 17.4.1
The problem still exists and is not listed in the "known issues section" - reported the issue once again...
The new 17.4.1 Driver has Display Port 1.4 High Bit Rate 3 (HBR3) Support, that fixed the 240 hz bug on the BenQ XL2540 for me. Use Display Driver Uninstaller before installing the newest driver.