This wiring harness, manufactured by IST Mall, allows the Arcade Stick wiring harness to be compatible with joysticks that uses 4.8mm terminals. Typically, Korean levers and Seimitsu LSxx joysticks (non -01 variants) are found with 4.8mm terminals.
The One-Zero wiring harness has the following colours associated with each movement direction:
Green = Right
Orange = Up
Yellow = Left
Red = Down
Therefore the 5 pin to 8 pin harness must be connected to the joystick's microswitch in the correct manner. For example the orange wire must be connected to the microswitch that engages when the joystick is moved to the up direction etc.