This subject is one on which Grand Lodges have made no regulation. Popular opinion seems to be widely divided.
But, let's look at this more closely. When the emblem of the square and compasses is displayed on a building, or a button, universal custom requires that the points of the compasses point downward. When displayed on the Altar they point away from the Master.
While you may wear your ring with the 2 legs of the compasses pointing toward you,...as some say, to help you remember your obligation,...historically your Masonic Signet Ring is an outward showing to others denoting your "Seal of Authenticity" as a Master Mason.
The 2 legs of the compasses should, therefore, face away from you...just as the original signet rings did, which were used to imbed the image of their "seal" into the wax...so that the resulting waxen seal which was created by the ring has both legs of the compasses pointing downward....
Freemasonry