Hum.

        if (width == 0
            and height == 0
            and color == 'red'
            and emphasis == 'strong'
            or highlight > 100):
            raise ValueError("sorry, you lose")

Please remove one space to vertically align "and" operators with the
opening parenthesis:

        if (width == 0
           and height == 0
           and color == 'red'
           and emphasis == 'strong'
           or highlight > 100):
            raise ValueError("sorry, you lose")

(I'm not sure that the difference is obvious in a mail client, you
need a fixed width font which is not the case in my Gmail editor.)

It helps to visually see that the multiline test and the raise
instruction are in two different blocks.

(Moreover, the pep8 checks of OpenStack simply reject such syntax, but
I cannot use this syntax anymore :-))