# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/[^[:graph:]*](?#Do not match on any visible character)
\K\*(?#Reset starting point and then match on a *)
([[:alpha:].,\ ]+(?:\*{2}[[:alpha:].,\ ]+\*{2}?\ ?)?)(*COMMIT)
\*\ ?(?#Match on ending * then stop matching with COMMIT)/<i>$1<\/i> /xmg;t' <<< "This text is not italic.
*This text is italic.*
This text is *partially* italic
This text has *two* *italic* bits
**bold text (not italic)**
**bold text with *italic* **
**part bold,** *part italic*
*italic text **with bold** *
*italic* **bold** *italic* **bold**
*invalid markdown (do not parse)**
random * asterisk"
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 SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html