Hope this helps. I have done thousands of hydraulic oil samples. There are some simple things you can do. Fill about 3/4 of a clear, clean glass container with your oil. Set it on a window sill (or use a backlight) It should look clear and brignt with no particles. If it's cloudy, its probably water, if its discolored and not translucent, it has dirt or metal. Let it sit in a warm place for a few days and see what settles out, if there is sediment in the bottom, change it. To check for water put a couple drops on a hot (250-300 deg) surface like a pan or iron. If it spits and sputters, that's water.
You can check for metal with a magnet, though most of the metal will be in the filter or in the tank. Cut the filter apart and look for dirt and metal, it should be relatively clean.
A gaget available at a body shop supply shop used to check the vis of paint can be used to check the viscosity of the oil or you can use a clean marked can with a 5-10mm hole at the bottom. Use a stopwatch and time how long it takes a 4 ounce sample of new oil to empty the container, then compare that time with 4 OZ of your oil. There should be less than a 8 percent difference.
The biggest problem with hyd oil is contamination. If your oil is clear and bright it's OK.
Most major brand oil distributors will process an oil sample for you. It normally costs $10-15 dollars. The report will give you the info you need to evaluate the oil.