How can I set my Apple Watch to have an out of reach notification?

I love my new Apple Watch. However, there is one simple feature which I had on my old Pebble watch: I got a buzz when the phone was out of reach. This prevented me many times from leaving my iPhone at home when I left for work in the morning. On the Apple watch I only see a red box on the display, but no sound or buzzing

Yeah, there were rumors that Apple would release a feature like this through Find My Watch and smart leashing, but they haven't been confirmed yet. I'd love this too and believe that Apple is working on it.

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This has been discussed on a recent thread and we are all looking forward to this feature as well

Seems like a no brainer that Apple should have included in the first place. But we shall wait and see. :)