To create Wave effect, click Deformation | Wave or select Wave folder.
Change the value of Wave Length, Phase, and Amplitude by sliding the scroll box indicator.
Choose the Smear Waves to smooth the edges between colors.
Waves spread out from the center of the selected area to the periphery.
Setting Wave Length, Phase and Amplitude gives the length and phase and amplitude of the wave.
This effect recreates an image which looks as if a stone is thrown into a pond.