It can be improved in two ways:
1) It should work in radial direction with gap parameter in order to better apply different scenarios. Similar to Find Circular Edge function, but the aim is search for defects rather than a diameter. So, it could be implemented in the Annulus Tool of Find Edge function.
2) Many annulus should be added like a combination of image 1 and 2, with two gap parameters.
Current workaround is using a polygon tool, which is very time consuming and not fully functional.
1)workaround2)