Tiered thresholds and alerts

Tiered thresholds and alerts

Is there a way to setup a tiered approach to thresholds?  What I am attempting to configure is a way to check for both web site slowness and also down time.  If a site is slow to respond, for example if it takes over 1500ms, alert me and set the status to yellow or degraded.  If it doesn't respond to the normal URL threshold, set the status to red and send out alerts.  Is this something that can be setup?