Multiscale edge detection using wavelet transform maxima provides a robust method to reduce noise, quantify variability, and compress information in a transient signal. We have applied this method to gamma-ray burst (GRB) time series data from the Compton Gamma-Ray Observatory (CGRO). We define a variability parameter that provides another way to describe a GRB in a manner similar to duration or peak intensity. We present a study of correlations between our variability parameter and other burst parameters. ©1998 American Institute of Physics.