In this paper, we discuss high-resolution coherence functions for the estimation of the stacking parameters in seismic signal processing. We focus on the Multiple Signal Classification which uses the eigendecomposition of the seismic data to measure the coherence along stacking curves. This algorithm can outperform the traditional semblance in cases of close or interfering reflections, generating a sharper velocity spectrum. Our main contribution is to propose complexity-reducing strategies for its implementation to make it a feasible alternative to semblance. First, we show how to compute the multiple signal classification spectrum based on the eigendecomposition of the temporal correlation matrix of the seismic data. This matrix has a lower order than the spatial correlation used by other methods, so computing its eigendecomposition is simpler. Then we show how to compute its coherence measure in terms of the signal subspace of seismic data. This further reduces the computational cost as we now have to compute fewer eigenvectors than those required by the noise subspace currently used in the literature. Furthermore, we show how these eigenvectors can be computed with the low-complexity power method. As a result of these simplifications, we show that the complexity of computing the multiple signal classification velocity spectrum is only about three times greater than semblance. Also, we propose a new normalization function to deal with the high dynamic range of the velocity spectrum. Numerical examples with synthetic and real seismic data indicate that the proposed approach provides stacking parameters with better resolution than conventional semblance, at an affordable computational cost.