Is there a standard way to do this?
Googling -- \"approximate entropy\" bits -- uncovers multiple academic papers but I\'d like to just find a chunk of pseudocode de
I believe the answer is the Kolmogorov Complexity of the string. Not only is this not answerable with a chunk of pseudocode, Kolmogorov complexity is not a computable function!
One thing you can do in practice is compress the bit string with the best available data compression algorithm. The more it compresses the lower the entropy.