To create Incidents for your monitor, head over to:
Monitoring -> Monitors -> Your Monitor -> Edit -> Policies -> ( + ) New Policy
Range type is based on your last number of runs / minutes / hours / days
Metric will determine your monitor / instance availability based on your desired percentage
Incident Severity will alert based on the severity, Unknown (No alerts) / Minor / Critical.
Resolve Automatically will stop the incident if no problems were founds.