def main():

  print ("-------------------------") 

  print ("Program computes your BMI") 

  print ("-------------------------") 

  while weight == float(input("Enter weight in pounds: "))  

  while height == float(input("Enter height in inches: "))  

  if weight <= 0 or weight > 500:  
      print ("Weight cannot be less than 0 or greater than 500") 
  continue 

  elif height <= 0:  
      print ("Height cannot be less than 0") 
  continue 
  else:  
      bmi = (weight / (height * height)) * 703.0 
      print ("Your BMI is %.2f") % bmi  
      if bmi <= 18.5:  
          print ("Your weight status is Underweight") 
      elif bmi >= 18.5 and bmi <= 24.9:  
          print ("Your weight status is Normal weight") 
      elif bmi >= 25 and bmi <= 29.9:  
          print ("Your weight status is Overweight") 

main()

raw_input('\n<enter> to exit')

You need to study up on your while loops.

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