yeah i suppose it's 127 'full' cycles (alias1 calling alias2 and then alias2 successfully calling alias1 back). if alias1 calling alias2 is 1 level deep, and alias2 calling another alias is 2 levels deep, then mIRC lets you go 254 levels deep and then throws that error if you try to go any further. i might add, the limit is the same no matter how many aliases you use.