To calculate the odds of hitting a flush or straight, you use the "rule of 2 and 4." Multiply the number of outs (cards that can complete your hand) by 2 to estimate the percentage chance of hitting it on the next card or by 4 to estimate the chance over the turn and river combined. Comparing this percentage to the pot odds helps decide whether to continue. This quick calculation guides your decision-making by balancing risk and potential reward.