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(1) Figure your equity. With say a flush draw on the flop you have a 18% chance of hitting on the next card. This is equivalent to approx 4:1 (80/20).
(2) Determine the equity needed to make a call profitable. There are numerous ways to do this. One would be to just take the pot odds. Another is done by (amount to call) / (pot + amount to call).
(A) Pot odds method. The pot is $20, and villain bets $7. The pot is now $27, and you must call $7. This is very close to 4:1, and therefore with a flush draw on the flop, you have the correct immediate pot odds to call to see the turn cards.
(B) (amount to call) / (pot + amount to call). Using the same example above, the pot is $20, and villain bets $7. The amount you need to call is $7. The pot is now $27. So your formula would look like (7)/(27 + 7) or 7/34, which means in order for a call to be correct based off of immediate pot odds alone, you would need 7/34 = 21% equity.
Both methods produce the same results. Just one is in %, and the other is in a ratio.
Note - Just because you don't have immediate pot odds, doesn't mean a call is -EV. Implied odds play a very large role in NLHE, and should be taken into account also. Say in the above example, villain bets $10 into a $20 pot. The pot is now $30 and you must call $10, so you are only getting 3:1 pot odds. However, a call is profitable if you when you hit on the turn you can extract another $10 from the villain.
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