Traversing allows you to examine all the occurrences of some state in the currently displayed list of files, starting from the first selected file. You start traversing choosing an item from the Works > Code Coverage > Traverse menu with the state you want to traverse. This menu is also available on the context menu.
The first form with the state that you selected is displayed in an Editor. You can traverse to the next such form by using the editor command
Code Coverage Goto Next, which by default is bound to Ctrl+X #. You can skip the remaining forms in the current file by giving a prefix argument to Code Coverage Goto Next, for example by the key sequence Ctrl+U Ctrl+X #.
A message is displayed when there is no further matching forms. If you try again, it restarts the traverse from the beginning.
Forms are displayed in the same way as the Open With Color context menu item. Note that even though code coverage is by "lambdas" (pieces of code), the traverse is by top level forms. Hence going to the first/next form means going to the first/next top level form whose compiled code produced a lambda that matches the state.
The traverse state is global, and there is only one state at any one time. Starting a new traverse forgets the previous state. The traverse state is independent of the tool once it started, except that the coloring parameters can be changed by using Tools > Preferences... > Coloring .
LispWorks IDE User Guide (Windows version) - 12 Feb 2015