anytime your regex pattern has a comma in it, you must either use
pattern $+ $chr(44) $+ restofpattern
or else put it into a %var like:

//var %nick WE_____LOVE_YOU , %pattern /[A-Za-z0-9].+(_){4,10}.+[A-Za-z0-9]/gm | echo -a $regex(%nick,%pattern)

In your example, you don't need the 'g' or 'm' flags, and if you simply want to match nicks containing at least 4 underscores:

//var %nick WE____LOVE_YOU , %pattern _{4,} | echo -a $regex(%nick,%pattern)