The recently introduced Matching by Tone Mapping (MTM) dissimilarity measure enables template matching under smooth non-linear distortions and also has a well-established mathematical background. MTM operates by binning the template, but the ideal binning for a particular problem is an open question. By pointing out an important analogy between the well known mutual information (MI) and MTM, we introduce the term "normalized unexplained variance" (nUV) for MTM to emphasize its relevance and applicability beyond image processing. Then, we provide theoretical results on the optimal binning technique for the nUV measure and propose algorithms to find approximate solutions. The theoretical findings are supported by numerical experiments. Using the proposed techniques for binning shows 4-13% increase in terms of AUC scores with statistical significance, enabling us to conclude that the proposed binning techniques have the potential to improve the performance of the nUV measure in real applications.