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Table Builder Formula to Long?

I have a formula in the Table Builder that has multiple IF/AND statements, I have a feeling it may have exceeded the character length limitations,it has 303 characters. Is there anyway to compress this or any other method to make it work. The formula works outside of Table Builder but of course you are using cell numbers rather than the cell description? I could reduce the length of column descriptions but just wanted to see if there was another way? Thanks.

This is the formula:

=IF(AND([@[Location Code]]="",[@[Transaction Type]]="EVTYPE31"),"Virtual",IF(AND([@[Location Code]]<>"",[@[Transaction Type]]="EVTYPE31"),"Hybrid",IF(AND([@[Location Code]]<>"",[@[Transaction Type]]<>"EVTYPE31"),"Participation",IF(AND([@[Location Code]]="",[@[Transaction Type]]<>"EVTYPE31"),"Participation"))))

 

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