We have this scenario where users define a formula, and then they can include it in a new formula by referencing its code, this operation can ocurr (currently) limitless times. Based on the analyses made, we can expect less than 300 levels of referencing depth.

We're working on the reverse operation now, that is, replacing the codes in a formula for the actual operations described in the referenced formula. Naturally, this should continue until no more codes are found.

Would a recursive function be safer than a single loop? Consider that we need to use the ORM search and browse to find every formula needed.