Every drawing hand in poker has a calculable probability of completing by the river. Knowing these numbers — even approximately — is essential to making correct decisions when you're on a draw.
The foundation is counting outs. An out is any card remaining in the deck that will improve your hand to what you believe is the best hand. A flush draw has 9 outs (13 cards in the suit minus the 2 you hold). An open-ended straight draw has 8 outs. A gutshot straight draw has 4. A set drawing to a full house has 6-7 depending on the board.
Once you have your out count, convert it to a probability. The rule of 2 and 4 is the fastest shortcut: multiply your outs by 4 on the flop to get your approximate equity for hitting by the river. Multiply by 2 on the turn for a single card. A flush draw on the flop: 9 × 4 = 36% to hit by the river. Same draw on the turn: 9 × 2 = 18% to hit on the river.
These numbers are approximations, but they're accurate enough for in-game decisions. The exact percentages from a deck calculation are slightly different, but the margin of error is small enough that the rule of 2 and 4 is reliable.
Common drawing hand equities to memorize: flush draw ≈ 35% by river, OESD ≈ 32%, combo draw (flush + straight) ≈ 54%, gutshot ≈ 17%, overcards ≈ 24%.
These numbers don't exist in a vacuum — combine them with pot odds to decide whether calling, raising, or folding is correct. Equity alone doesn't justify a call. The price you're being offered has to match.
Keep Growing Your Game :)