Yes, the probability of flipping 4 tails in a row is 1/2^4= 1/16. The probability of flipping 4 heads in a row is also 1/16. The remaining 1- 1/16- 1/16= 1- 1/8= 7/8 is the probability of the other possible combinations heads and tails. There are 16 such combinations. They are
HHHH
HHHT
HHTH
HHTT
THHH
THHT
THTH
THTT
TTHH
TTHT
TTTH
TTTT
Each of those 16 possible outcomes is "equally likely" so each has probability 1/16
HHHH and TTTT both have probability 1/16
HHHT, HHTH, HTHH, and THHH
THH
HTHT
HTTH
HTTT