Google Map API v3 — set bounds and center

Yes, you can declare your new bounds object.

 var bounds = new google.maps.LatLngBounds();

Then for each marker, extend your bounds object:

bounds.extend(myLatLng);
map.fitBounds(bounds);

API: google.maps.LatLngBounds

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Got everything sorted - see the last few lines for code - (bounds.extend(myLatLng); map.fitBounds(bounds);)

function initialize() {
  var myOptions = {
    zoom: 10,
    center: new google.maps.LatLng(0, 0),
    mapTypeId: google.maps.MapTypeId.ROADMAP
  }
  var map = new google.maps.Map(
    document.getElementById("map_canvas"),
    myOptions);
  setMarkers(map, beaches);
}

var beaches = [
  ['Bondi Beach', -33.890542, 151.274856, 4],
  ['Coogee Beach', -33.923036, 161.259052, 5],
  ['Cronulla Beach', -36.028249, 153.157507, 3],
  ['Manly Beach', -31.80010128657071, 151.38747820854187, 2],
  ['Maroubra Beach', -33.950198, 151.159302, 1]
];

function setMarkers(map, locations) {
  var image = new google.maps.MarkerImage('images/beachflag.png',
    new google.maps.Size(20, 32),
    new google.maps.Point(0,0),
    new google.maps.Point(0, 32));
  var shadow = new google.maps.MarkerImage('images/beachflag_shadow.png',
    new google.maps.Size(37, 32),
    new google.maps.Point(0,0),
    new google.maps.Point(0, 32));
  var shape = {
    coord: [1, 1, 1, 20, 18, 20, 18 , 1],
    type: 'poly'
  };
  var bounds = new google.maps.LatLngBounds();
  for (var i = 0; i < locations.length; i++) {
    var beach = locations[i];
    var myLatLng = new google.maps.LatLng(beach[1], beach[2]);
    var marker = new google.maps.Marker({
      position: myLatLng,
      map: map,
      shadow: shadow,
      icon: image,
      shape: shape,
      title: beach[0],
      zIndex: beach[3]
    });
    bounds.extend(myLatLng);
  }
  map.fitBounds(bounds);
}

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The answers are perfect for adjust map boundaries for markers but if you like to expand Google Maps boundaries for shapes like polygons and circles, you can use following codes:

For Circles

bounds.union(circle.getBounds());

For Polygons

polygon.getPaths().forEach(function(path, index)
{
    var points = path.getArray();
    for(var p in points) bounds.extend(points[p]);
});

For Rectangles

bounds.union(overlay.getBounds());

For Polylines

var path = polyline.getPath();

var slat, blat = path.getAt(0).lat();
var slng, blng = path.getAt(0).lng();

for(var i = 1; i < path.getLength(); i++)
{
    var e = path.getAt(i);
    slat = ((slat < e.lat()) ? slat : e.lat());
    blat = ((blat > e.lat()) ? blat : e.lat());
    slng = ((slng < e.lng()) ? slng : e.lng());
    blng = ((blng > e.lng()) ? blng : e.lng());
}

bounds.extend(new google.maps.LatLng(slat, slng));
bounds.extend(new google.maps.LatLng(blat, blng));

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My suggestion for google maps api v3 would be(don't think it can be done more effeciently):

gmap : {
    fitBounds: function(bounds, mapId)
    {
        //incoming: bounds - bounds object/array; mapid - map id if it was initialized in global variable before "var maps = [];"
        if (bounds==null) return false;
        maps[mapId].fitBounds(bounds);
    }
}

In the result u will fit all points in bounds in your map window.

Example works perfectly and u freely can check it here www.zemelapis.lt

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The setCenter() method is still applicable for latest version of Maps API for Flash where fitBounds() does not exist.

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Use below one,

map.setCenter(bounds.getCenter(), map.getBoundsZoomLevel(bounds));

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