LAUNCH X431 PAD V Elite is similar function like X431 PAD VII, support Online Programming Coding, Full System Diagnosis , Active Test (Bi-Direction Control), Many Reset Service, Support J2534, DolP, CAN FD Protocols.
Here is the guide from X431Shop.de about 2018 Ford Ranger reset oil change indicator via Launch X431 PAD V.
Choose Ford Software In Local Diagnosis
Automatically Search
Set Ignition switch to on
Automatically Search result:
Choose Common Function
Choose Oil Reset
Reset The Oil Change Indicator-Online
Choose Yes to continue
Ignition status, Ignition On, Engine OFF
Turn key to “0”
Or put the key wait until complete
Click OK to continue
Service Reset Complete
Read Again, Check and clear all DTC
Finish. Start Car to check. No error.