you can use any equation, and you must compair you results of test antioxidant with well known or standerd antioxidant like ascorpic acid or vit E, than calculate the Ec 50 from the chart that drew from obtained data for test and control .
Hello Ahmad Najib !!! Here is another equation in below attachment for the calculation of scavenging rate (%) which we used to during our study on DPPH radical scavenging activity of wild orchids of Nepal. This equation is similar to the equation you are presenting.
We should choose reference compounds like quercetin, ascorbic acid, tocopherol etc., to compare the radical scavenging activity of sample extracts.