To specify statuscolor options, write:
STATUSCOLOR=,

Numeric options have the format %:. For example:
STATUSCOLOR=hp%15:red&bold,pw%100=green

Text options have the format :. Text is case-insensitive. For example:
STATUSCOLOR=hallu:orange,foodpois:red&inverse&blink

A color option is a followed by an optional sequence of &. Color and attribute names are case insensitive. Valid colors are:
black blue brown cyan gray green lightblue lightcyan lightgreen lightmagenta magenta none orange red white yellow

Valid attributes are:
blink bold dim inverse none underline

A reasonable set of defaults might be:
# HP
STATUSCOLOR=hp%100=green,hp%66=yellow,hp%50=orange
STATUSCOLOR=hp%33=red&bold,hp%15:red&inverse,hp%0:red&inverse&blink
# Pw
STATUSCOLOR=pw%100=green,pw%66=yellow,pw%50:orange,pw%33=red&bold
# Carry
STATUSCOLOR=burdened:yellow,stressed:orange,strained:red&bold
STATUSCOLOR=overtaxed:red&inverse,overloaded:red&inverse&blink
# Hunger
STATUSCOLOR=satiated:yellow,hungry:orange,weak:red&bold
STATUSCOLOR=fainting:red&inverse,fainted:red&inverse&blink
# Mental
STATUSCOLOR=hallu:yellow,conf:orange,stun:red&bold
# Health
STATUSCOLOR=ill:red&inverse,foodpois:red&inverse,slime:red&inverse
# Other
STATUSCOLOR=held:red&inverse,blind:red&inverse