Inventory Alerts

Hello,

I do not see any inherit way to alert the user about inventory status. I would like alerts that appear when the re-order level is reached and when the inventory of a product reaches 0 (or will reach zero due to orders in queue). I see a section in setup where I can set alerts, but i cant get it to do what i want above. It also seems like i can't tie two fields (Qty in stock to Re-Order Level)

Am I doing something wrong? Is it possible?

Thank you in advance.