No, the hydrometer tells you about salt. It doesn't have any numbers on it? Is your tank a reef, fowler, fish only???? It makes a difference on your water chemistry.
I wouldn't add any chemicals to try to reduce nitrates since it's really only a short term fix. What kind of filtration are you running? The best thing for high nitrates is water changes with water that doesn't have nitrates in it and cutting back on feeding.
As for the SG, the thing you want the most, is to be consistant. Always check your water when doing water changes so you don't change the tank. Just make sure the two match.
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