Here is what WIKIPEDIA says:
"Martenitsi" are red and white coloured bands of figurines thay symbolise health and happiness, a lucky charm against evil spirits.
They are given away to friends and family and are worn around the wrist or on clothes.
Bulgarians celebrate on First of March a centuries-old tradition and exchange "martenitsi" on what is called the Day of Baba Marta.
The tradition of giving friends and relatives the red-and-white interwoven strings bribgs health and happines during the year and is a reminder that spring is near.
