I've inherited a workbook that has a circular argument and am trying to
trace it.

First of all, I read that, if you get the circularity toolbox, you should
also see tracer arrows that show you the circularity, but I do not see them.
Does this only work if everything circular is on a single sheet?

Also, though I think there are many circularities within the file, when it
tells me one circular reference at the bottom left, e.g., "Circular: K33",
when I click trace dependents while on K33, it tells me it has no
dependents. Isn't that impossible if it is circular?