Do any ethernet cable will work or there's only specific type of? (Sorry I don't know much about this thing) Also is there any alternative way other than ethernet cable?
It's working thru wifi but when I tried playing Monster hunter it's so lag even when my laptop is so near to my ps4.
Whats the point? Even if you need to do it just for the screen just use a HDMI.
Anyways, something like this over Wifi wouldn't work well since you are trying to transmit data between two devices before even going out to communicate with servers which would cause lag. So your best bet is to use a cat5 or 6 ethernet cable, which I would go with a 6, to have little to no lag.
This is more for when you can't use the TV and are too far away to use a cable to connect it to your laptop. I've tried it with Wi-Fi and honestly, it's not that great.