Below are the steps to use OTF Macro Recording on a Razer keyboard.
Note: Make sure Razer Synapse is installed and running in the background before proceeding.
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Press the macro record key combination to start recording (typically fn + F9). The Macro Recording Indicator will light on.

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Type in the keys you want to record.
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Press the macro record key combination again to stop the recording. The Macro Recording Indicator will start blinking.
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Press the key where you want to bind your macro.
Note: Some Razer keyboards have extra keys intended for saving macros.

Your macro is automatically saved in Razer Synapse and can be modified there.