diff --git a/README.md b/README.md
index defb494..e056cf3 100644
--- a/README.md
+++ b/README.md
@@ -175,3 +175,16 @@ If your using JSX inside `.js` files (which I don't recommend because it forces
   "react-refresh/only-export-components": ["error", { "checkJS": true }]
 }
 ```
+
+### customHOCs <small>(v0.4.15)</small>
+
+If you're exporting a component wrapped in a custom HOC, you can use this option to avoid false positives.
+
+```json
+{
+  "react-refresh/only-export-components": [
+    "error",
+    { "customHOCs": ["observer", "withAuth"] }
+  ]
+}
+```
diff --git a/src/only-export-components.test.ts b/src/only-export-components.test.ts
index b5accd9..1bfc26a 100755
--- a/src/only-export-components.test.ts
+++ b/src/only-export-components.test.ts
@@ -189,6 +189,11 @@ const valid = [
     name: "Only React context",
     code: "export const MyContext = createContext('test');",
   },
+  {
+    name: "Custom HOCs like mobx's observer",
+    code: "const MyComponent = () => {}; export default observer(MyComponent);",
+    options: [{ customHOCs: ["observer"] }],
+  },
 ];
 
 const invalid = [
@@ -295,6 +300,11 @@ const invalid = [
     code: "export const MyComponent = () => {}; export const MyContext = React.createContext('test');",
     errorId: "reactContext",
   },
+  {
+    name: "should be invalid when custom HOC is used without adding it to the rule configuration",
+    code: "const MyComponent = () => {}; export default observer(MyComponent);",
+    errorId: ["localComponents", "anonymousExport"],
+  },
 ];
 
 const it = (name: string, cases: Parameters<typeof ruleTester.run>[2]) => {
@@ -322,7 +332,9 @@ for (const { name, code, errorId, filename, options = [] } of invalid) {
       {
         filename: filename ?? "Test.jsx",
         code,
-        errors: [{ messageId: errorId }],
+        errors: Array.isArray(errorId)
+          ? errorId.map((messageId) => ({ messageId }))
+          : [{ messageId: errorId }],
         options,
       },
     ],
diff --git a/src/only-export-components.ts b/src/only-export-components.ts
index b74a285..e85948c 100644
--- a/src/only-export-components.ts
+++ b/src/only-export-components.ts
@@ -21,6 +21,7 @@ export const onlyExportComponents: TSESLint.RuleModule<
         allowConstantExport?: boolean;
         checkJS?: boolean;
         allowExportNames?: string[];
+        customHOCs?: string[];
       },
     ]
 > = {
@@ -47,6 +48,7 @@ export const onlyExportComponents: TSESLint.RuleModule<
           allowConstantExport: { type: "boolean" },
           checkJS: { type: "boolean" },
           allowExportNames: { type: "array", items: { type: "string" } },
+          customHOCs: { type: "array", items: { type: "string" } },
         },
         additionalProperties: false,
       },
@@ -58,6 +60,7 @@ export const onlyExportComponents: TSESLint.RuleModule<
       allowConstantExport = false,
       checkJS = false,
       allowExportNames,
+      customHOCs = [],
     } = context.options[0] ?? {};
     const filename = context.filename;
     // Skip tests & stories files
@@ -79,6 +82,16 @@ export const onlyExportComponents: TSESLint.RuleModule<
       ? new Set(allowExportNames)
       : undefined;
 
+    const reactHOCs = new Set(["memo", "forwardRef", ...customHOCs]);
+    const canBeReactFunctionComponent = (init: TSESTree.Expression | null) => {
+      if (!init) return false;
+      if (init.type === "ArrowFunctionExpression") return true;
+      if (init.type === "CallExpression" && init.callee.type === "Identifier") {
+        return reactHOCs.has(init.callee.name);
+      }
+      return false;
+    };
+
     return {
       Program(program) {
         let hasExports = false;
@@ -298,16 +311,6 @@ export const onlyExportComponents: TSESLint.RuleModule<
   },
 };
 
-const reactHOCs = new Set(["memo", "forwardRef"]);
-const canBeReactFunctionComponent = (init: TSESTree.Expression | null) => {
-  if (!init) return false;
-  if (init.type === "ArrowFunctionExpression") return true;
-  if (init.type === "CallExpression" && init.callee.type === "Identifier") {
-    return reactHOCs.has(init.callee.name);
-  }
-  return false;
-};
-
 type ToString<T> = T extends `${infer V}` ? V : never;
 const notReactComponentExpression = new Set<
   ToString<TSESTree.Expression["type"]>