MultiWave data compression algorithm is based on the multiresolution wavelet techniqu for decomposing Electrocardiogram (ECG) signals into their coarse and successively more detailed components. At each successive resolution, or scale, the data are convolved with appropriate filters and then the alternate samples are discarded. This procedure results in a data compression rate that increased on a dyadic scale with successive wavelet resolutions. ECG signals recorded from patients with normal sinus rhythm, supraventricular tachycardia, and ventriular tachycardia are analyzed. The data compression rates and the percentage distortion levels at each resolution are obtained. The performance of the MultiWave data compression algorithm is shown to be superior to another algorithm (the Turning Point algorithm) that also carries out data reduction on a dyadic scale.