I'm trying to use http://www.nexusmods.com/oblivion/mods/46395/?, but it's not working at all. Well, that's half true. I can bring up the in-game ENB config menu (Shift+Enter) and whenever I load Oblivion, it shows that the ENB was loaded at the top left hand corner of my screen. However, none of the effects are working. The game looks like how it'd look without an ENB. I've already turned AA/AF/SSAO off - both for Oblivion.exe and globally. To be honest, there shouldn't be any problems. I followed the instructions as is. I extracted the d3d9.dll to the main Oblivion directory and then pasted the core ENB files from Fantasy ENB into the same directory. Should work fine, but for some reason it's not working.

No point in showing my mod list for an issue like this, but I should probably tell you guys that I'm using Windows 10 and Oblivion Reloaded, if that helps at all.

Have you turned off Oblivion reloadeds HDR Shader? Enb needs the vanilla one

That was the problem, thanks!