There is no such algorithm built into the chart control and you will have to implement it. After that you can use FastLine or FastPoint charts to improve performance.
Alex.
http://blogs.msdn.com/alexgor
Alex, I think you've missed his point. How does fastline know whether to draw a line between (X17,Y17),(X18,Y18) or to draw a curve, as an example for the question. However, you're right that he's overthinking it.
My advice to the OP is, unless you need to make a note of outliers (which I imagine you're already looking at and wondering what to do with - I advise a table after the chart), I would sample every 9th and use a spline type graph.
Just my $.02
Please don't forget (and feel free to remind me) to post if you got the answer you wanted, and select who really answered your post when you do so future visitors will know too! Remember, this is .NET 4.0 in a .NET 3.5 world, you're a pioneer right now.