$re = '/(?!.*`.*|.*<code>.*)_(?!.*`.*|.*<\/code>.*)([^_]*)_(?!.*`.*|.*<\/code>.*)+(?![^\(]*\))+(?![^\[]*\])/m';
$str = '* an *unordered* list
* with some **hierarchy**
1. and an _ordered_
* list
* directly
* inside
some text _bla_ text testing _it_ out
some text `*bla*` `/**text*/` testing _it_ out
[Plastic bag code](https://en.wikivoyage.org/wiki/Common_scams#Plastic_bag_code)';
preg_match_all($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