Internet is full of free indicators with many different website. You should check different website first. I think normal Volume indicator is always there with every trading platform.
How do I make custom settings of this indicator on my Hotforex platform, for example choosing different timeframes for calculating the volume? Should I use third party app?
Every indicator is having its own setting so defining different is hard to do. But you can ask the creator of the indicator, if he or she can do it for you.
I don't know why anyone would bother with the exotics, unless there are no other pairs to trade. The exotics are hectic and probably less profitable considering their volatility.
I trade USDMXN only during its most active hours during London Session where its spreads are an acceptable risk around 10-15. The profits are big and very quick with many trades lasting 5-30 seconds. If you already have a profitable trading system then there is little to worry about.
Trade options on these pairs to profit from volatility. There are pretty much inefficiencies in the emerging markets that deserve our attention.
Yes, one should definitely avoid trading in exotic pairs. These pairs are way more less liquid than any of the majors and the minors. The reasons behind this are- Huge Spreads- The difference between the bid price and the ask price for exotic currency pairs is way too high as compared to the major and minor currency pairs. The spreads can go as high as 600 to 700 pips. High volatility- These pairs are so volatile that if you observe the market of exotic pairs for even one minute, you will observe a huge difference. It can take a huge jump of some hundred pips in seconds even.