Reasonable optimized chart scaling

This is from a previous similar question:

Algorithm for “nice” grid line intervals on a graph

I’ve done this with kind of a brute
force method. First, figure out the
maximum number of tick marks you can
fit into the space. Divide the total
range of values by the number of
ticks; this is the minimum
spacing of the tick. Now calculate
the floor of the logarithm base 10 to
get the magnitude of the tick, and
divide by this value. You should end
up with something in the range of 1 to
10. Simply choose the round number greater than or equal to the value and
multiply it by the logarithm
calculated earlier. This is your
final tick spacing.

Example in Python:

import math

def BestTick(largest, mostticks):
    minimum = largest / mostticks
    magnitude = 10 ** math.floor(math.log(minimum) / math.log(10))
    residual = minimum / magnitude
    if residual > 5:
        tick = 10 * magnitude
    elif residual > 2:
        tick = 5 * magnitude
    elif residual > 1:
        tick = 2 * magnitude
    else:
        tick = magnitude
    return tick