Retrieve/Extract a portion of a string

Question

In a table I have a field with formula data. What I need to do is locate the “IF|” in the formula field and retrieve the data between the “IF|” and the next “|“ following the “IF|”.
Formula data:
IF-.16
(1.03*IF)
((IF)+.0959)
Expected results:
PIPE Xx Kk ML
OLO Kk
TEN LA 500
I am using SUBSTR and INSTR but have only been partially successful. So far I have been able to separate the remainder of the data after the IF| using code below but have been unable to separate the data between the two |.
select substr(formula,1,instr(formula,'IF|')+2), substr(formula, instr(formula,'|')+1)
I am working in 9i. Can someone help with this problem?

Answer 1

One solution could be
SQL> select x,
  2         substr(x, instr(x, '|',1,1)+1, instr(x, '|',1, 2)-instr(x, '|',1, 1)-1)
  3  from (
  4  select 'IF-.16' x from dual union all
  5  select '(1.03*IF)' from dual union all
  6  select '((IF)+.0959)' from dual
  7  )
  8  ;
X                                 SUBSTR(X,INSTR(X,'|',1,1)+1,INSTR
IF-.16    PIPE Xx Kk ML
(1.03*IF)        OLO Kk
((IF)+.0959) TEN LA 500
SQL>