The Caldeira circuit follows the rim of Faial's great central crater between roughly 840 and 1,040 metres above sea level. About two kilometres wide, the depression formed through successive eruptions and collapses over hundreds of thousands of years. The walk begins at the viewpoint and uses a short tunnel for an initial view into the crater, filled with damp vegetation and concentric landforms.
Back at the road, steps lead to a dirt path toward the São João chapel area. The trail circles the Caldeira among Azorean juniper, heather, blueberry and other endemic plants. When cloud allows, views alternate between the crater interior and the north and west coasts. At one junction, the Ten Volcanoes route separates toward the Capelo Peninsula.
The climb approaches Cabeço Gordo, the highest point of the route, and passes near the antenna installations before descending to the viewpoint. The final section is sharply inclined. Despite its easy grade, altitude, wind and uneven ground require attention. This panoramic walk presents two scales within the same circle: the enclosed Caldeira ecosystem and the wider island opening toward ocean and neighbouring islands.