The Mărţişor holiday is conceived as a tribute to spring and youth, being celebrated in many Balkan countries. Mărțișor, marț and mărțiguș are all names for the red and white strings with a hanging tassel, often offered on the first day of March. Traditionally, the red and white braided thread is conceived as 'the rope of the year' which gathers the 365 days of the year. The two colours represent the two opposite seasons, winter and summer, as in medieval society only these two seasons were known.
There are various Martisor traditions, such as:
The Festival of Mărţişor is also celebrated in the Balkans by Aromanians and Megleno-Romanians, in Bulgaria where it is called Marten/ Martenitsa (Мартеница), as well as in Macedonia and Albania.
(adapted from http://www.theworldreporter.com/2012/03/romania-welcomes-spring-with-martisor.html ).