and even thought it may appear to be risk free it is anything but. One of the biggest mistakes in options is leverage and at times over leverage. The realization needs to be made that option trades are not the same as futures and the more legs to a trade the more complicated it can become. To really get a good crisp on how multi leg trades work watch or read on the Greeks of options; i.e. price work behind the mechanism.
Here is chart with the pink lines showing important areas.
Below shows the Greeks; you can see this trade is presently acting just like 1 long future contract; but on a big break near expiration will act like 3 contracts long and will cap out at 6.00 or act like a neutral position; while a small break will allow it to act like a short position. Big risk is going to be long 3 contracts on a big break.