diff --git a/pkg/expr/nodes.go b/pkg/expr/nodes.go
index f88d054e0a9..e8914c0e7ff 100644
--- a/pkg/expr/nodes.go
+++ b/pkg/expr/nodes.go
@@ -186,7 +186,7 @@ func (s *Service) buildDSNode(dp *simple.DirectedGraph, rn *rawNode, req *Reques
 	}
 
 	var floatIntervalMS float64
-	if rawIntervalMS := rn.Query["intervalMs"]; ok {
+	if rawIntervalMS, ok := rn.Query["intervalMs"]; ok {
 		if floatIntervalMS, ok = rawIntervalMS.(float64); !ok {
 			return nil, fmt.Errorf("expected intervalMs to be an float64, got type %T for refId %v", rawIntervalMS, rn.RefID)
 		}
@@ -194,7 +194,7 @@ func (s *Service) buildDSNode(dp *simple.DirectedGraph, rn *rawNode, req *Reques
 	}
 
 	var floatMaxDP float64
-	if rawMaxDP := rn.Query["maxDataPoints"]; ok {
+	if rawMaxDP, ok := rn.Query["maxDataPoints"]; ok {
 		if floatMaxDP, ok = rawMaxDP.(float64); !ok {
 			return nil, fmt.Errorf("expected maxDataPoints to be an float64, got type %T for refId %v", rawMaxDP, rn.RefID)
 		}
diff --git a/public/app/features/alerting/unified/PanelAlertTabContent.test.tsx b/public/app/features/alerting/unified/PanelAlertTabContent.test.tsx
new file mode 100644
index 00000000000..f584e1d80c0
--- /dev/null
+++ b/public/app/features/alerting/unified/PanelAlertTabContent.test.tsx
@@ -0,0 +1,273 @@
+import React from 'react';
+import { locationService, setDataSourceSrv } from '@grafana/runtime';
+import { configureStore } from 'app/store/configureStore';
+import { Provider } from 'react-redux';
+import { Router } from 'react-router-dom';
+import { render } from '@testing-library/react';
+import { PanelAlertTabContent } from './PanelAlertTabContent';
+import { DashboardModel, PanelModel } from 'app/features/dashboard/state';
+import {
+  mockDataSource,
+  MockDataSourceSrv,
+  mockPromAlertingRule,
+  mockPromRuleGroup,
+  mockPromRuleNamespace,
+  mockRulerGrafanaRule,
+} from './mocks';
+import { DataSourceType } from './utils/datasource';
+import { typeAsJestMock } from 'test/helpers/typeAsJestMock';
+import { getAllDataSources } from './utils/config';
+import { fetchRules } from './api/prometheus';
+import { fetchRulerRules } from './api/ruler';
+import { Annotation } from './utils/constants';
+import { byTestId } from 'testing-library-selector';
+import { PrometheusDatasource } from 'app/plugins/datasource/prometheus/datasource';
+import { DataSourceApi } from '@grafana/data';
+import { getDatasourceSrv } from 'app/features/plugins/datasource_srv';
+
+jest.mock('./api/prometheus');
+jest.mock('./api/ruler');
+jest.mock('./utils/config');
+
+const dataSources = {
+  prometheus: mockDataSource({
+    name: 'Prometheus',
+    type: DataSourceType.Prometheus,
+  }),
+};
+dataSources.prometheus.meta.alerting = true;
+
+const mocks = {
+  getAllDataSources: typeAsJestMock(getAllDataSources),
+  api: {
+    fetchRules: typeAsJestMock(fetchRules),
+    fetchRulerRules: typeAsJestMock(fetchRulerRules),
+  },
+};
+
+const renderAlertTabContent = (dashboard: DashboardModel, panel: PanelModel) => {
+  const store = configureStore();
+
+  return render(
+    <Provider store={store}>
+      <Router history={locationService.getHistory()}>
+        <PanelAlertTabContent dashboard={dashboard} panel={panel} />
+      </Router>
+    </Provider>
+  );
+};
+
+const rules = [
+  mockPromRuleNamespace({
+    name: 'default',
+    groups: [
+      mockPromRuleGroup({
+        name: 'mygroup',
+        rules: [
+          mockPromAlertingRule({
+            name: 'dashboardrule1',
+            annotations: {
+              [Annotation.dashboardUID]: '12',
+              [Annotation.panelID]: '34',
+            },
+          }),
+        ],
+      }),
+      mockPromRuleGroup({
+        name: 'othergroup',
+        rules: [
+          mockPromAlertingRule({
+            name: 'dashboardrule2',
+            annotations: {
+              [Annotation.dashboardUID]: '121',
+              [Annotation.panelID]: '341',
+            },
+          }),
+        ],
+      }),
+    ],
+  }),
+];
+
+const rulerRules = {
+  default: [
+    {
+      name: 'mygroup',
+      rules: [
+        mockRulerGrafanaRule(
+          {
+            annotations: {
+              [Annotation.dashboardUID]: '12',
+              [Annotation.panelID]: '34',
+            },
+          },
+          {
+            title: 'dashboardrule1',
+          }
+        ),
+      ],
+    },
+    {
+      name: 'othergroup',
+      rules: [
+        mockRulerGrafanaRule(
+          {
+            annotations: {
+              [Annotation.dashboardUID]: '121',
+              [Annotation.panelID]: '341',
+            },
+          },
+          {
+            title: 'dashboardrule2',
+          }
+        ),
+      ],
+    },
+  ],
+};
+
+const dashboard = {
+  uid: '12',
+  time: {
+    from: 'now-6h',
+    to: 'now',
+  },
+  meta: {
+    canSave: true,
+    folderId: 1,
+    folderTitle: 'super folder',
+  },
+} as DashboardModel;
+const panel = ({
+  datasource: dataSources.prometheus.uid,
+  title: 'mypanel',
+  editSourceId: 34,
+  targets: [
+    {
+      expr: 'sum(some_metric [$__interval])) by (app)',
+      refId: 'A',
+    },
+  ],
+} as any) as PanelModel;
+
+const ui = {
+  row: byTestId('row'),
+  createButton: byTestId<HTMLAnchorElement>('create-alert-rule-button'),
+};
+
+describe('PanelAlertTabContent', () => {
+  beforeEach(() => {
+    jest.resetAllMocks();
+    mocks.getAllDataSources.mockReturnValue(Object.values(dataSources));
+    const dsService = new MockDataSourceSrv(dataSources);
+    dsService.datasources[dataSources.prometheus.name] = new PrometheusDatasource(
+      dataSources.prometheus
+    ) as DataSourceApi<any, any>;
+    setDataSourceSrv(dsService);
+  });
+
+  it('Will take into account panel maxDataPoints', async () => {
+    await renderAlertTabContent(dashboard, ({
+      ...panel,
+      maxDataPoints: 100,
+      interval: '10s',
+    } as any) as PanelModel);
+    const button = await ui.createButton.find();
+    const href = button.href;
+    const match = href.match(/alerting\/new\?defaults=(.*)&returnTo=/);
+    expect(match).toHaveLength(2);
+    const defaults = JSON.parse(decodeURIComponent(match![1]));
+    expect(defaults.queries[0].model).toEqual({
+      expr: 'sum(some_metric [5m])) by (app)',
+      refId: 'A',
+      datasource: 'Prometheus',
+      interval: '',
+      intervalMs: 300000,
+      maxDataPoints: 100,
+    });
+  });
+
+  it('Will take into account datasource minInterval', async () => {
+    ((getDatasourceSrv() as any) as MockDataSourceSrv).datasources[dataSources.prometheus.name].interval = '7m';
+
+    await renderAlertTabContent(dashboard, ({
+      ...panel,
+      maxDataPoints: 100,
+    } as any) as PanelModel);
+    const button = await ui.createButton.find();
+    const href = button.href;
+    const match = href.match(/alerting\/new\?defaults=(.*)&returnTo=/);
+    expect(match).toHaveLength(2);
+    const defaults = JSON.parse(decodeURIComponent(match![1]));
+    expect(defaults.queries[0].model).toEqual({
+      expr: 'sum(some_metric [7m])) by (app)',
+      refId: 'A',
+      datasource: 'Prometheus',
+      interval: '',
+      intervalMs: 420000,
+      maxDataPoints: 100,
+    });
+  });
+
+  it('Will render alerts belonging to panel and a button to create alert from panel queries', async () => {
+    mocks.api.fetchRules.mockResolvedValue(rules);
+    mocks.api.fetchRulerRules.mockResolvedValue(rulerRules);
+
+    await renderAlertTabContent(dashboard, panel);
+
+    const rows = await ui.row.findAll();
+    expect(rows).toHaveLength(1);
+    expect(rows[0]).toHaveTextContent(/dashboardrule1/);
+    expect(rows[0]).not.toHaveTextContent(/dashboardrule2/);
+    const button = await ui.createButton.find();
+    const href = button.href;
+    const match = href.match(/alerting\/new\?defaults=(.*)&returnTo=/);
+    expect(match).toHaveLength(2);
+    const defaults = JSON.parse(decodeURIComponent(match![1]));
+    expect(defaults).toEqual({
+      type: 'grafana',
+      folder: { id: 1, title: 'super folder' },
+      queries: [
+        {
+          refId: 'A',
+          queryType: '',
+          relativeTimeRange: { from: 21600, to: 0 },
+          datasourceUid: 'mock-ds-2',
+          model: {
+            expr: 'sum(some_metric [15s])) by (app)',
+            refId: 'A',
+            datasource: 'Prometheus',
+            interval: '',
+            intervalMs: 15000,
+          },
+        },
+        {
+          refId: 'B',
+          datasourceUid: '-100',
+          queryType: '',
+          model: {
+            refId: 'B',
+            hide: false,
+            type: 'classic_conditions',
+            datasource: '__expr__',
+            conditions: [
+              {
+                type: 'query',
+                evaluator: { params: [3], type: 'gt' },
+                operator: { type: 'and' },
+                query: { params: ['A'] },
+                reducer: { params: [], type: 'last' },
+              },
+            ],
+          },
+        },
+      ],
+      name: 'mypanel',
+      condition: 'B',
+      annotations: [
+        { key: '__dashboardUid__', value: '12' },
+        { key: '__panelId__', value: '34' },
+      ],
+    });
+  });
+});
diff --git a/public/app/features/alerting/unified/components/panel-alerts-tab/NewRuleFromPanelButton.tsx b/public/app/features/alerting/unified/components/panel-alerts-tab/NewRuleFromPanelButton.tsx
index fb11e355d08..234dc3c3175 100644
--- a/public/app/features/alerting/unified/components/panel-alerts-tab/NewRuleFromPanelButton.tsx
+++ b/public/app/features/alerting/unified/components/panel-alerts-tab/NewRuleFromPanelButton.tsx
@@ -1,9 +1,10 @@
 import { DashboardModel, PanelModel } from 'app/features/dashboard/state';
 import React, { FC } from 'react';
-import { Alert, LinkButton } from '@grafana/ui';
+import { Alert, LinkButton, Button } from '@grafana/ui';
 import { panelToRuleFormValues } from '../../utils/rule-form';
 import { useLocation } from 'react-router-dom';
 import { urlUtil } from '@grafana/data';
+import { useAsync } from 'react-use';
 
 interface Props {
   panel: PanelModel;
@@ -12,8 +13,11 @@ interface Props {
 }
 
 export const NewRuleFromPanelButton: FC<Props> = ({ dashboard, panel, className }) => {
-  const formValues = panelToRuleFormValues(panel, dashboard);
+  const { loading, value: formValues } = useAsync(() => panelToRuleFormValues(panel, dashboard), [panel, dashboard]);
   const location = useLocation();
+  if (loading) {
+    return <Button disabled={true}>Create alert rule from this panel</Button>;
+  }
 
   if (!formValues) {
     return (
@@ -29,7 +33,7 @@ export const NewRuleFromPanelButton: FC<Props> = ({ dashboard, panel, className
   });
 
   return (
-    <LinkButton icon="bell" href={ruleFormUrl} className={className}>
+    <LinkButton icon="bell" href={ruleFormUrl} className={className} data-testid="create-alert-rule-button">
       Create alert rule from this panel
     </LinkButton>
   );
diff --git a/public/app/features/alerting/unified/mocks.ts b/public/app/features/alerting/unified/mocks.ts
index 70dc72ad90a..bd8c0f0bc20 100644
--- a/public/app/features/alerting/unified/mocks.ts
+++ b/public/app/features/alerting/unified/mocks.ts
@@ -1,5 +1,11 @@
 import { DataSourceApi, DataSourceInstanceSettings, DataSourcePluginMeta, ScopedVars } from '@grafana/data';
-import { PromAlertingRuleState, PromRuleType } from 'app/types/unified-alerting-dto';
+import {
+  GrafanaAlertStateDecision,
+  GrafanaRuleDefinition,
+  PromAlertingRuleState,
+  PromRuleType,
+  RulerGrafanaRuleDTO,
+} from 'app/types/unified-alerting-dto';
 import { AlertingRule, Alert, RecordingRule, RuleGroup, RuleNamespace } from 'app/types/unified-alerting';
 import DatasourceSrv from 'app/features/plugins/datasource_srv';
 import { DataSourceSrv, GetDataSourceListFilters } from '@grafana/runtime';
@@ -17,7 +23,7 @@ let nextDataSourceId = 1;
 export const mockDataSource = (
   partial: Partial<DataSourceInstanceSettings> = {},
   meta: Partial<DataSourcePluginMeta> = {}
-): DataSourceInstanceSettings => {
+): DataSourceInstanceSettings<any> => {
   const id = partial.id ?? nextDataSourceId++;
 
   return {
@@ -54,6 +60,40 @@ export const mockPromAlert = (partial: Partial<Alert> = {}): Alert => ({
   ...partial,
 });
 
+export const mockRulerGrafanaRule = (
+  partial: Partial<RulerGrafanaRuleDTO> = {},
+  partialDef: Partial<GrafanaRuleDefinition> = {}
+): RulerGrafanaRuleDTO => {
+  return {
+    for: '1m',
+    grafana_alert: {
+      uid: '123',
+      title: 'myalert',
+      namespace_uid: '123',
+      namespace_id: 1,
+      condition: 'A',
+      no_data_state: GrafanaAlertStateDecision.Alerting,
+      exec_err_state: GrafanaAlertStateDecision.Alerting,
+      data: [
+        {
+          datasourceUid: '123',
+          refId: 'A',
+          queryType: 'huh',
+          model: {} as any,
+        },
+      ],
+      ...partialDef,
+    },
+    annotations: {
+      message: 'alert with severity "{{.warning}}}"',
+    },
+    labels: {
+      severity: 'warning',
+    },
+    ...partial,
+  };
+};
+
 export const mockPromAlertingRule = (partial: Partial<AlertingRule> = {}): AlertingRule => {
   return {
     type: PromRuleType.Alerting,
diff --git a/public/app/features/alerting/unified/utils/rule-form.ts b/public/app/features/alerting/unified/utils/rule-form.ts
index e5006b801ea..5ce60e559b7 100644
--- a/public/app/features/alerting/unified/utils/rule-form.ts
+++ b/public/app/features/alerting/unified/utils/rule-form.ts
@@ -1,11 +1,18 @@
-import { DataQuery, rangeUtil, RelativeTimeRange } from '@grafana/data';
+import {
+  DataQuery,
+  rangeUtil,
+  RelativeTimeRange,
+  ScopedVars,
+  getDefaultRelativeTimeRange,
+  TimeRange,
+  IntervalValues,
+} from '@grafana/data';
 import { getDataSourceSrv } from '@grafana/runtime';
 import { contextSrv } from 'app/core/services/context_srv';
 import { getNextRefIdChar } from 'app/core/utils/query';
 import { DashboardModel, PanelModel } from 'app/features/dashboard/state';
 import { ExpressionDatasourceID, ExpressionDatasourceUID } from 'app/features/expressions/ExpressionDatasource';
 import { ExpressionQuery, ExpressionQueryType } from 'app/features/expressions/types';
-import { getDatasourceSrv } from 'app/features/plugins/datasource_srv';
 import { RuleWithLocation } from 'app/types/unified-alerting';
 import {
   Annotations,
@@ -22,7 +29,6 @@ import { isGrafanaRulesSource } from './datasource';
 import { arrayToRecord, recordToArray } from './misc';
 import { isAlertingRulerRule, isGrafanaRulerRule } from './rules';
 import { parseInterval } from './time';
-import { getDefaultRelativeTimeRange } from '../../../../../../packages/grafana-data';
 
 export const getDefaultFormValues = (): RuleFormValues =>
   Object.freeze({
@@ -193,60 +199,81 @@ const getDefaultExpression = (refId: string): AlertQuery => {
   };
 };
 
-const dataQueriesToGrafanaQueries = (
+const dataQueriesToGrafanaQueries = async (
   queries: DataQuery[],
   relativeTimeRange: RelativeTimeRange,
-  datasourceName?: string
-): AlertQuery[] => {
-  return queries.reduce<AlertQuery[]>((queries, target) => {
+  scopedVars: ScopedVars | {},
+  datasourceName?: string,
+  maxDataPoints?: number,
+  minInterval?: string
+): Promise<AlertQuery[]> => {
+  const result: AlertQuery[] = [];
+  for (const target of queries) {
     const dsName = target.datasource || datasourceName;
+    const datasource = await getDataSourceSrv().get(dsName);
+
+    const range = rangeUtil.relativeToTimeRange(relativeTimeRange);
+    const { interval, intervalMs } = getIntervals(range, minInterval ?? datasource.interval, maxDataPoints);
+    const queryVariables = {
+      __interval: { text: interval, value: interval },
+      __interval_ms: { text: intervalMs, value: intervalMs },
+      ...scopedVars,
+    };
+    const interpolatedTarget = datasource.interpolateVariablesInQueries
+      ? await datasource.interpolateVariablesInQueries([target], queryVariables)[0]
+      : target;
     if (dsName) {
       // expressions
       if (dsName === ExpressionDatasourceID) {
         const newQuery: AlertQuery = {
-          refId: target.refId,
+          refId: interpolatedTarget.refId,
           queryType: '',
           relativeTimeRange,
           datasourceUid: ExpressionDatasourceUID,
-          model: target,
+          model: interpolatedTarget,
         };
-        return [...queries, newQuery];
+        result.push(newQuery);
         // queries
       } else {
-        const datasource = getDataSourceSrv().getInstanceSettings(target.datasource || datasourceName);
-        if (datasource && datasource.meta.alerting) {
+        const datasourceSettings = getDataSourceSrv().getInstanceSettings(dsName);
+        if (datasourceSettings && datasourceSettings.meta.alerting) {
           const newQuery: AlertQuery = {
-            refId: target.refId,
-            queryType: target.queryType ?? '',
+            refId: interpolatedTarget.refId,
+            queryType: interpolatedTarget.queryType ?? '',
             relativeTimeRange,
-            datasourceUid: datasource.uid,
-            model: target,
+            datasourceUid: datasourceSettings.uid,
+            model: {
+              ...interpolatedTarget,
+              maxDataPoints,
+              intervalMs,
+            },
           };
-          return [...queries, newQuery];
+          result.push(newQuery);
         }
       }
     }
-    return queries;
-  }, []);
+  }
+  return result;
 };
 
-export const panelToRuleFormValues = (
+export const panelToRuleFormValues = async (
   panel: PanelModel,
   dashboard: DashboardModel
-): Partial<RuleFormValues> | undefined => {
+): Promise<Partial<RuleFormValues> | undefined> => {
   const { targets } = panel;
-
-  // it seems if default datasource is selected, datasource=null, hah
-  const datasourceName =
-    panel.datasource === null ? getDatasourceSrv().getInstanceSettings('default')?.name : panel.datasource;
-
   if (!panel.editSourceId || !dashboard.uid) {
     return undefined;
   }
 
   const relativeTimeRange = rangeUtil.timeRangeToRelative(rangeUtil.convertRawToRange(dashboard.time));
-  const queries = dataQueriesToGrafanaQueries(targets, relativeTimeRange, datasourceName);
-
+  const queries = await dataQueriesToGrafanaQueries(
+    targets,
+    relativeTimeRange,
+    panel.scopedVars || {},
+    panel.datasource ?? undefined,
+    panel.maxDataPoints ?? undefined,
+    panel.interval ?? undefined
+  );
   // if no alerting capable queries are found, can't create a rule
   if (!queries.length || !queries.find((query) => query.datasourceUid !== ExpressionDatasourceUID)) {
     return undefined;
@@ -269,6 +296,7 @@ export const panelToRuleFormValues = (
         : undefined,
     queries,
     name: panel.title,
+    condition: queries[queries.length - 1].refId,
     annotations: [
       {
         key: Annotation.dashboardUID,
@@ -282,3 +310,17 @@ export const panelToRuleFormValues = (
   };
   return formValues;
 };
+
+export function getIntervals(range: TimeRange, lowLimit?: string, resolution?: number): IntervalValues {
+  if (!resolution) {
+    if (lowLimit && rangeUtil.intervalToMs(lowLimit) > 1000) {
+      return {
+        interval: lowLimit,
+        intervalMs: rangeUtil.intervalToMs(lowLimit),
+      };
+    }
+    return { interval: '1s', intervalMs: 1000 };
+  }
+
+  return rangeUtil.calculateInterval(range, resolution, lowLimit);
+}
diff --git a/public/app/plugins/datasource/influxdb/datasource.ts b/public/app/plugins/datasource/influxdb/datasource.ts
index caa8bd0de92..abb555b050e 100644
--- a/public/app/plugins/datasource/influxdb/datasource.ts
+++ b/public/app/plugins/datasource/influxdb/datasource.ts
@@ -344,7 +344,7 @@ export default class InfluxDatasource extends DataSourceWithBackend<InfluxQuery,
           policy: this.templateSrv.replace(query.policy ?? '', scopedVars, 'regex'),
         };
 
-        if (query.rawQuery) {
+        if (query.rawQuery || this.isFlux) {
           expandedQuery.query = this.templateSrv.replace(query.query ?? '', scopedVars, 'regex');
         }
 
diff --git a/public/app/types/unified-alerting-dto.ts b/public/app/types/unified-alerting-dto.ts
index 17f17aeeb88..578fa392ff2 100644
--- a/public/app/types/unified-alerting-dto.ts
+++ b/public/app/types/unified-alerting-dto.ts
@@ -101,12 +101,17 @@ export enum GrafanaAlertStateDecision {
   OK = 'OK',
 }
 
+interface AlertDataQuery extends DataQuery {
+  maxDataPoints?: number;
+  intervalMs?: number;
+}
+
 export interface AlertQuery {
   refId: string;
   queryType: string;
   relativeTimeRange?: RelativeTimeRange;
   datasourceUid: string;
-  model: DataQuery;
+  model: AlertDataQuery;
 }
 
 export interface PostableGrafanaRuleDefinition {