This study aims to examine the heuristic behavior of male investors (availability, representativeness, and hindsight) in Indonesia on the formation of technical anomalies in the capital market. The results obtained from 316 male investors prove that availability is not the cause of the formation of technical anomalies in the capital market, but that representativeness and hindsight have a positive effect on the occurrence of technical anomalies in the capital market. This study is the first study conducted by focusing on men as the object of research related to research that discusses heuristics and technical anomalies. The results of mediation exploration which were used as additional testing found that technical anomalies were unable to explain the relationship between availability variables and investment performance, but technical anomalies partially mediated the relationship between representativeness, hindsight and investment performance.

Keywords : Component; Behavioral Finance; Capital Market, Investment Performance; Heuristics