Complex fractionated atrial electrograms provide an important tool for identifying arrhythmogenic substrates that can be used to guide catheter ablation for atrial fibrillation (AF). However, fractionation is a phenomenon that remains unclear. This paper aims to evaluate the multifractal properties of electrograms in AF in order to propose a method based on multifractal analysis able to discriminate between different levels of fractionation. We introduce a new method, the h-fluctuation index (hFI), where h is the generalised Hurst exponent, to extract information from the shape of the multifractal spectrum. Two multifractal frameworks are evaluated: multifractal detrended fluctuation analysis and wavelet transform modulus maxima. hFI is exemplified through its application in synthetic signals, and it is evaluated in a database of electrograms labeled on the basis of four degrees of fractionation. We compare the performance of hFI with other indexes, and find that hFI outperforms them. The results of the study provide evidence that multifractal analysis is useful for studying fractionation phenomena in AF electrograms, and indicate that hFI can be proposed as a tool for grade fractionation associated with the detection of target sites for ablation in AF.