Read here to learn about attributes:
http://trevlac.us/colorCorrection/colorTools.html
Just look at the luma channel, waveform monitor for basic black and white level calibration. Use the vectorscope for saturation.
Hot pixel scan is supposed to show pixels with an RGB value that will clip on analogue displays. The theoretical max. IRE is 100, although it doesn't hurt to go a bit higher. The default settings will turn pixels with IRE value 110 and above black. I shouldn't worry about this mode too much.