A macro is a single word that represents a script of commands. The user can pass arguments to the script via the macro. Macros are written in the legacy Tscript.
The F1 to F12 keys run macros. The F1 macro puts you in Perform Mode. Pressing F9 or F10 over a panel brings up the network of the panel element you are pointing at.
Access Macros via Dialogs -> Macros in the TouchDesigner menu bar, and learn about the dialog at Macros Dialog.
Macros can be created locally in any component. A Text DAT placed inside a component's
local/macros component will define a macro for the component, the name of the macro is the name of the Text DAT. TouchDesigner will search for a macro in the current component first, if not found it will look in the parent component, and so on up to the Root. Any macro defined in the root will be available for use anywhere in the project.
Macros can also be defined more simply by using the Tscript