Best fitted rectangle on a set of points Given a set of points, is there a method to find a rectangle which is the best approximation of the points? For example, in this picture  the blue rectangle is the best fitted rectangle. 
 A: Elaborating from Henry's comment, consider that the rectangle is defined by four lines the equations of which being
$$y=a+b x \qquad y=c+bx  \qquad y=d -\frac x b\qquad y=e -\frac x b$$ You have $n$ data points $(x_i,y_i)$ and the square of the distance from $(x_i,y_i)$ to the line $y=p+mx$ is given by
$$d_i^2=\frac{(y_i-mx_i-p)^2}{m^2+1}$$ So, the shortest distance to consider is
$$d_i^2=\min\left(\frac{(y_i-a-b x_i)^2}{b^2+1},\frac{(y_i-c-b x_i)^2}{b^2+1},\frac{(b (y_i-d)+x_i)^2}{b^2+1},\frac{(b (y_i-e)+x_i)^2}{b^2+1}\right)$$ and you need to minimize
$$\Phi(a,b,c,d,e)=\sum_{i=1}^n d_i^2$$ which is not simple but perfectly doable numerically provided good guesses for the five parameters ("quite easy" to obtain from the scatter plot of the data).
You could be interested by this and this
A: This is about the rectangle's orientation.  
If you have $n$ points $P_i$, then the $n(n-1)$ vectors $P_i-P_j$ often point in four perpendicular directions - along the sides of the rectangle.  Take all $n(n-1)$ directions, modulo $\pi/2$, so these four perpendicular directions become the same value, and histogram them all.  
Here is a set of forty points, ten along each side; and a histogram of the $40*39=1560$ directions. 


You might delete the largest distances, which will be opposite sides of the rectangle, and the smallest distances, which will be affected most by noise.
Here is a histogram where the distances are between 12th percentile and 37th percentile.

A: How about partitioning your data set into disjoint subsets and calculating the line of best fit for each edge of the rectangle. That might work?!! Otherwise I would agree with Henry using calculus to minimize the square of the errors. 
