I've written quite a few separate tools to generate a minimal bounding object of some ilk. So if you have a set of points in the plane, and wish to generate the minimal bounding...
- general quadrilateral
there is a tool in here to solve your task efficiently. You will also find minboundsphere, for 3-d data. Inscribed objects are also supported, computed by incircle and insphere.
Caveat - if you have only an image, don't expect these tools to work directly. (The image processing toolbox can do much here anyway - look there first.) In order to use these tools, I require a set of extracted points.