Several papers addressed ellipse detection as a first step for several computer vision applications, but most of the proposed solutions are too slow to be applied in real time on large images or with limited hardware resources. This paper presents a novel algorithm for fast and effective ellipse detection and demonstrates its superior speed performance on large and challenging datasets. The proposed algorithm relies on an innovative selection strategy of arcs which are candidate to form ellipses and on the use of Hough transform to estimate parameters in a decomposed space. The final aim of this solution is to represent a building block for new generation of smart-phone applications which need fast and accurate ellipse detection also with limited computational resources.