Though various applications such as flash memory, cache, storage systems, and even indexing for enterprise big data search, adopt hot data identification schemes, relatively little research has been expended into holistically examining alternative strategies. Rather, researchers tend to classify hot data simplistically by considering one or more frequency metrics, thereby disregarding recency, which is also an important consideration. In practice, different workloads mandate different treatment to achieve effective hot data decisions. This paper proposes a dynamic hot data identification scheme that adopts a workload stack distance approximation. Stack distance is a good recency measure, but it traditionally requires high computational complexity as well as additional space. Since stack distance calculation efficiency is a core component for our dynamic feature design, this paper additionally proposes a stack distance approximation algorithm that significantly reduces both computation and space requirements. To our knowledge, the proposed scheme is the first dynamic hot data identification scheme which judiciously assigns more weight to either recency or frequency based on workload characteristics. Our experiments with diverse realistic workloads demonstrate that our stack distance approximation achieves excellent accuracy (up to a 0.1% error rate) and our dynamic scheme improves performance by as much as 49.8%.