The walk starts from the easily accessible Hound Tor car park (SX 739 792, N 50.59900 W 3.78198). It's a fairly large car park, but it can get busy, so aim to start early if the weather is going to be good.
(S/E) From the car park, head up to Hound Tor, aiming for the gap between the two large rocks. On the other side, you should see the path making its way towards the trees to the east. In front of you is a fence: follow the path to the right end of it. As you descend, you will come to a junction of paths.
(1) Bear left, head for a path that goes into the woods up to the east. On the way, take a few minutes to explore the medieval village before following the path up to the wooded area.
(2) Go through the gate and follow the path to the clapper bridge.
(3) Cross the clapper bridge over the stream and pause a little to absorb the magic of this space. When emerging from the trees, look up at the outcrop of rock to the south-east; that's Smallacombe Rocks and yes: you have to climb up there!
(4) Take a moment to catch your breath at the top of the rocks and admire the panoramic views. When done, follow the path south towards Haytor Rocks. Turn right at the granite railway and immediately take the right-hand fork that descends.
Alternatively, you could extend the walk a bit by investigating Haytor Rocks and/or the quarry.
(5) Check out the old quarryman's hut, just to the right and below the path as you pass in front of Holwell Tor. After this, the path kind of peters out, but you can obviously see it below you, heading west towards the trees. Do whatever you need to do to descend to it.
Find the gap where the path descends through the trees to the stream. Cross the clapper bridge and rest a while; enjoy a picnic, a paddle or have a go on the rope swing that is often here. When you are ready to leave, find the path that goes up downstream of the bridge; it feels like you are going the wrong way, but the path soon turns back on itself. After going through the gate, look to your right and say hello to Alan.
(6) Make your way towards Greator Rocks.
(7) At the last wall before Greator Rocks, either climb over the steps to explore them OR turn left (to follow this route). Follow the wall and go through the gate along the higher path. Both ways will take you eventually back to Hound Tor, and the car park will be in sight. Look out for the rock outcrop that looks like a duck.
(8) Keep walking northeast until you're back at the car park. (S/E)