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I know that the entities < and > are used for < and >, but I am curious what these names stand for. Does < stand for something like "Left tag" or is it just a code?

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Understanding the Context

Short answer If you're putting the text in a safe location in a document that uses a fully-Unicode-compatible text encoding like UTF-8, HTML only requires the same five characters to be.

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In HTML, you can write the greater than sign ">" as > and the less than symbol "<" as <. Is this encoding defined by the HTML encoding or some standard like ISO, UTF-xxx, BaseXXX...

Key Insights

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