Pulpo,
As you come into El Valle, you'll La India Dormida (The Sleeping Indian) directly in front of you. She's the western ridge. To get to the trailhead, drive through town, past the market and the church and cross over the bridge. The main road veers to the right. You'll be in a residential area, and you'll take the next left (or the 2nd left -- I don't remember exactly) and drive to the end of the street. The trailhead is very obvious -- it's a rocky path leading upwards.
The climb will take you just south of La India's breast. It's a great view of El Valle, looking east. Then, take the trail around the backside of the ridge. It will take you down to a creek and a little farm. Cross the creek and follow the trail through the orchard and up to the ridge. Coming down through La India's hair, you'll see a couple of waterfalls. Near the base, you'll also come to the pictoglyph -- an ancient, indian carving. For a $1 (inflation - they used to only charge $.25) one of the kids will tell the story/meaning of the strange carvings. It changes every time, with some being more creative than others. Coming out of the "park," you may be asked to pay the entrance fee of $5. You can walk to the main road, take a right and continue the loop back to your car.
To get to my favorite hike in El Valle, cross over the bridge and bear right. Continue on this road past the waterfall and zipline. You'll be going north at this point. The road will take you up to the backside of the northern and highest ridge surrounding El Valle. The road is pretty rough and there will be a number of other smaller, rougher roads leading off to farms on the backside of the ridge. After a couple of miles, you'll come to a green and yellow national park hut. Park here. If there is a ranger present, you'll have to pay the entrance fee of $5. If not, hike on.
As Jake said, it's a 1.5 mile loop with a fabulous view. At the trail junction, go left. Just below the vista, the trail splits again. Go left to go to the vista. Go right to continue the loop. If you choose to return via the loop, be prepared -- it's steeper, narrower and very rocky in places. There is a steel cable handrail, but don't trust it. Most of the stantions don't hold. You're better off using a walking stick or hiking pole.
All of the trails are rocky in places and very slippery in others. The rocks are loose and will quickly turn your ankle, so wear boots with good ankle support and/or use hiking poles.
Desfrute El Valle y buen viaje a Panamá