Which feature allows the creation of alerts based on occurrences of specific text patterns in log files?

The feature that enables the creation of alerts based on occurrences of specific text patterns in log files is the alerting system. This system monitors the data ingested from logs and can be configured to trigger alerts when certain patterns match predefined criteria. This capability is essential for quickly identifying issues or anomalies reflected in log data, as it allows users to stay informed about important events based on specific conditions.

In contrast, other choices emphasize different functionalities. Data retention policy pertains to how long data should be preserved before it is deleted or archived, which does not directly facilitate alert generation. Log file parsing is concerned with interpreting and structuring log data for better analysis but does not inherently associate with alerting. Bookmark search queries allow users to save search parameters for ease of use but do not trigger alerts based on log content directly. This makes the alerting system the correct feature for generating alerts tied to specific text patterns in log files.