The word "Martaki" is derived from the Greek word "Martios", which means March. The tradition is said to date back to ancient Greece when people would tie a red and white string around their wrist or ankle to ward off evil spirits and welcome good luck.

According to tradition, the Martis bracelet is woven with red and white string and is worn on the first day of March. The purpose of this bracelet is to protect whoever wears it from the first sunshine of spring as well as from the Evil Eye, another important Greek custom.