Handling large datasets in charts quickely

I have a large dataset(around 50000 points in a list) which has be visualized in a line chart.The size of Canvas may vary according to the size of dataset. Massive amount of points makes the drawing too slow.It also results in cluttering and overlapping of points due to plotting of several points close to each other.So visual representation of data will be unsatisfactory. How can I display subset of available points which will increase the performance? Can anybody suggest me with a suitable algorithm which will help to extract the subset of actual number of points?
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