Hi Maxson,
Yes, its possible to configure the failover in such a way that it will happen only if there are 5 to 10 min timeouts on the link.
For this you have to define the track command and also defined the delay up time and down time. This delay up and delay down is the settings that will wait upto specific time before making changeover happen that will provide stability to your track and it will save the failover from flapping too much if there are slightly one or 2 ip sla operations failed event will expected in network.
So for example under track 101 ip sla 1 reachability command --> you can define delay up 3 down 10
This wlll change the failover happen only when the operation keep up for 3 seconds and and also make the failover happen when the ip sla operation will remain down for 10 seconds.
For more information and options, here is the reference guide for the same :-
http://www.cisco.com/en/US/docs/ios/ipapp/configuration/guide/ipapp_eot.html#wp1055209
Now the next part is to get an alert for the failover happen, you can configure trap like this
ip sla reaction-configuration 1 react timeout threshold-type immediate action-type trapOnly
The above command will generate the trap the moment threshold had been exceeded. There had been lot more trap that you can configure as per the requirements, kindly have a look at this nice document here :-
Configuring Proactive Threshold Monitoring of IP SLAs Operations
http://www.cisco.com/en/US/docs/ios/ipsla/configuration/guide/sla_threshold_mon.html
Many Thanks,
Gaganjeet Singh
