$re = '/((?<!\s)\*(?!\s)(?:(?:[^\*\*]*(?:(?:\*\*[^\*\*]*){2})+?)+?|[^\*\*]+?)(?<!\s)\*)|((?<!\s)\*\*(?!\s)(?:[^\*]+?|(?:[^\*]*(?:(?:\*[^\*]*){2})+?)+?)(?<!\s)\*\*)/';
$str = 'text *no match* text
text*italic*text
text**bold**text
text***italic&bold***text
text*italic**bold&italic***text
text**bold*bold&italic***text
';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php