I have found David Eppstein's find rational approximation to given real number C code to be exactly what you are asking for. Its based on the theory of continued fractions and very fast and fairly compact.
I have used versions of this customized for specific numerator and denominator limits.
/*
** find rational approximation to given real number
** David Eppstein / UC Irvine / 8 Aug 1993
**
** With corrections from Arno Formella, May 2008
**
** usage: a.out r d
** r is real number to approx
** d is the maximum denominator allowed
**
** based on the theory of continued fractions
** if x = a1 + 1/(a2 + 1/(a3 + 1/(a4 + ...)))
** then best approximation is found by truncating this series
** (with some adjustments in the last term).
**
** Note the fraction can be recovered as the first column of the matrix
** ( a1 1 ) ( a2 1 ) ( a3 1 ) ...
** ( 1 0 ) ( 1 0 ) ( 1 0 )
** Instead of keeping the sequence of continued fraction terms,
** we just keep the last partial product of these matrices.
*/
#include <stdio.h>
main(ac, av)
int ac;
char ** av;
{
double atof();
int atoi();
void exit();
long m[2][2];
double x, startx;
long maxden;
long ai;
/* read command line arguments */
if (ac != 3) {
fprintf(stderr, "usage: %s r d
",av[0]); // AF: argument missing
exit(1);
}
startx = x = atof(av[1]);
maxden = atoi(av[2]);
/* initialize matrix */
m[0][0] = m[1][1] = 1;
m[0][1] = m[1][0] = 0;
/* loop finding terms until denom gets too big */
while (m[1][0] * ( ai = (long)x ) + m[1][1] <= maxden) {
long t;
t = m[0][0] * ai + m[0][1];
m[0][1] = m[0][0];
m[0][0] = t;
t = m[1][0] * ai + m[1][1];
m[1][1] = m[1][0];
m[1][0] = t;
if(x==(double)ai) break; // AF: division by zero
x = 1/(x - (double) ai);
if(x>(double)0x7FFFFFFF) break; // AF: representation failure
}
/* now remaining x is between 0 and 1/ai */
/* approx as either 0 or 1/m where m is max that will fit in maxden */
/* first try zero */
printf("%ld/%ld, error = %e
", m[0][0], m[1][0],
startx - ((double) m[0][0] / (double) m[1][0]));
/* now try other possibility */
ai = (maxden - m[1][1]) / m[1][0];
m[0][0] = m[0][0] * ai + m[0][1];
m[1][0] = m[1][0] * ai + m[1][1];
printf("%ld/%ld, error = %e
", m[0][0], m[1][0],
startx - ((double) m[0][0] / (double) m[1][0]));
}
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