To do Alt + M A D on Mac in Excel, download and install Accelerator Keys, then press Option, followed by M, A, D.
Command: Remove Dependent Arrows
This is how to do Alt + M A D on Mac in Excel with Accelerator Keys, the native ribbon and alt key shortcut solution for Mac users who get more done with Excel.
Alt + M A D remove Dependent Arrows clears arrows showing which cells depend on the selected cell. This removes only the dependent tracing arrows.