@click.option('--status/--no-status', default=True) is the way to go, as suggested by click documentation

Example:

script.py:

import click

@click.command
@click.option('--status/--no-status', default=True)
def main(status):
    click.echo('status: {}'.format(status))

if __name__ == '__main__':
    main()

$ python3 script.py 
status: True

$ python3 script.py --status
status: True

$ python3 script.py --no-status
status: False