When I double click onto a cell that contains a formula, excel automatically
highlights (using bold colors) the corresponding cells containing the
variables of the formula.

Is there a way to view excel with that function turned on continuously? I
can then arrow down and verify my formulas are pulling from the appropriate
cells.

There is another feature of Excel that might help you, and this is
Dependencies. These are the commands available under Tools|Formula
Auditing.

It is possible to write an event macro Worksheet_SelectionChange(),
which will fire automatically when you make a selection, and it can
activate showing the dependencies for the selected cell. But right now
I have to go and I cannot complete it. I will check your message
tomorrow and, if you have not found anything of help, I will come back
with a macro for this.

HTH
Kostis Vezerides