This is the guideline I go by, just from my own personal experience.
If you check your dipstick and the oil is either a golden or brownish color, then it has very little contamination and is therefore still good. If the oil has turned black but you can still see the markings on the dipstick through the oil, it's still safe but you should consider changing it soon. If the oil is overdue for a change, then it will be completely black and you won't be able to see anything on the dipstick itself. If it has been really badly neglected, then (when the engine is cold) you may notice more carbon residue towards the bottom of the dipstick, indicating that the detergent additives in the oil have been depleted and are no longer capable of holding the contaminants in suspension.
If you check your dipstick and the oil is either a golden or brownish color, then it has very little contamination and is therefore still good. If the oil has turned black but you can still see the markings on the dipstick through the oil, it's still safe but you should consider changing it soon. If the oil is overdue for a change, then it will be completely black and you won't be able to see anything on the dipstick itself. If it has been really badly neglected, then (when the engine is cold) you may notice more carbon residue towards the bottom of the dipstick, indicating that the detergent additives in the oil have been depleted and are no longer capable of holding the contaminants in suspension.