Finally, to help you in many cases where the "Loop Tools" circle command will fail, or not give good circular results, there is a must-have free maxscript called "Loop Regularizer".

This great maxscript will create circles from polygon selections, edge selections, or border selections, where the native Loop Tools Circle command will only work on open edge loops.  This script will circularize almost any selection, with the only limitation being it won't work on the Edit Poly modifier, only collapsed Editable Polygon geometry.  Still, you will find this tool one of the most handy scripts ever written.

Just follow the instructions to install it.  I have mine put into a quad menu for easy access to the tool.

http://www.scriptspot.com/3ds-max/scripts/loop-regularizer

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