The evolution of eruptive vents related to calderas is not fully understood. We focus on a structural, rock-magnetic, and geochemical investigation of a ∼314 Ma rhyolite dyke swarm associated with the late-orogenic Altenberg–Teplice Caldera, Bohemian Massif, eastern Variscan belt. The whole-rock major element, trace element, and Nd–Pb isotope geochemistry along with the published U-Pb zircon geochronology link the extra-caldera dyke swarm with intra-caldera ignimbrites. The magnetic fabrics determined using the anisotropy of magnetic susceptibility are interpreted to record a continuum from magma ascent, emplacement, and eruption during sinistral shearing. The latter evidences an interplay with regional tectonics associated with the activity of crustal-scale shear zones. The sinistral kinematics and strike of the dyke swarm, the elongation of caldera intrusive units, and the kinematics of major caldera faults are consistent with the dextral Riedel shear system, where the dykes correspond to antithetic Ŕ/X-shears. Such a kinematic configuration implies that the maximum and minimum principal stresses were oriented roughly north-south and east-west, respectively. The relation between the stress field with respect to the caldera elongation and orientation is not typical. We suggest that a pre-existing mutually perpendicular set of cross-cutting structural lineaments largely controlled the magma chamber and caldera formation. Supplementary material: The whole-rock major, trace element and isotope geochemical tables, magnetic fabrics source data, and methodology details are available at https://doi.org/10.6084/m9.figshare.c.6715893 .