Trace Precedents and Trace Dependents are related features in Excel. With your cursor in a cell that contains a formula, Trace Precedents draws arrows from that cell to each cell referenced in the formula. Trace Dependents is exactly the opposite. It will draw arrows from every cell containing a formula that references your current location.

In Excel 2007 or later, you will find both buttons on the Formulas ribbon, along with a Remove Arrows button that you can use to clear the arrows from your screen when you are done. For versions older than 2007, go to the Tools menu and choose Formula Auditing where you can select either one from a submenu.

In addition to pointing you to related cells, the arrows also let you jump to those cells. Double click on any blue arrow and your cursor will move to the related cell. An arrow with a dashed line to or from a small worksheet icon shows you that the related cell is on another tab or in another workbook. Double-clicking on it will bring up the Go To window, which you can use to jump to the relevant cell or cells.