$re = '/(?<!\*)\*[^*\s]+\*(?!\*)(?=(?:(?:[^$]*\$){2})*[^$]*$)/m';
$str = 'Lorem **Ipsum**(1) is *simply*(2) dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry\'s standard dummy text ever since the 1500s, $ \\sqrt{2} **must be no bold **(3) *must be no italic *(4) $ ****(5) **(6)...';
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