Material that outlines where Two Objects Intersect

There is two problems with this solution.
1 It has to be translucent
2 it does not appear around the intersection but where the mesh is below the water mesh.

I am also trying to create a water material but I cant use a translucent material for the water since I’m using pixel depth for the waves and the depth always messes up when its translucent anyway.

How would I use distance fields for this effect? I looked at the documentation for them and got something like the demo mobile fog working however it only effected a tiny area around the intersection, is there any way to enlarge the distance around the intersection that is effected?