An incredibly important factor here impacting our actions is EFFECTIVE STACK SIZES!!!!!
The situation is different at 50bb vs 100bb vs 200bb.
Drawing hands are heavily dependent on both direct odds and implied odds. Effective lines are always a balancing act between direct odds vs odds of hitting vs fold equity vs implied odds.
In general, here is how I approach drawing situations.
If I have a strong image vs a villain that I have fold equity against (lets assume that 40%+ of the time I can blast him off his hand and he will fold) and I'm 100bb+ deep, my inclination will almost always be to barrel off all three streets paying attention to sizing so that I can maximize my fold equity.
If my villain is more of a station and/or I have a weak image then I'm less likely to barrel and more likely to draw or to manipulate the situation so I can draw. For instance, if we raise the flop and he calls, then he is likely to check the turn and we can check back and then in effect see two streets for the bargain basement price of just a flop raise
. Then if we hit on turn or river we can go for straight value.
If effective stacks are deep and I sense villain has a strong hand, then I'm almost always going to prefer drawing and keeping my implied odds as high as possible.
If I sense any weakness from villain in terms of his sizing, I'm going to be more inclined to trying to utilize fold equity and bet him off the hand.
If villain has a wide raising range and I have a strong image, I'm going to be more inclined to retake the initiative and barrel him off his hand.
If villain has a fairly tight raising range and the board hits his range, I'm more inclined to draw.
IF villain denies me proper drawing odds on ANY street I'm more inclined to just fold. This goes double for OBVIOUS draws (like flush draws) and if villain has shown that he will NOT pay us off if that draw hits. Then again, I'm more inclined to just fold.
If I have what I call an "invisible draw" like a double gut shot or a OESD that opens up a backdoor FD on the turn, and implied odds are high (i.e. we are 200bb deep) then I'm more inclined to draw even if direct odds are not there (i.e. villain bets near pot on turn) but only if we can make it up with implied odds if we hit.) Similarly, if I'm up against a villain that will pay me off if I hit I'm more inclined to draw...
In a nutshell, that is how I approach drawing situations.
It's a balancing act between direct odds, implied odds, image, and fold equity (hopefully we are in position as well ).
When we have fold equity I'm more inclined to use it and barrel off
When we are really deep and villain is likely to pay us off, i'm more inclined to draw for as cheap as possible.
hope this helps...