Currently "Encode Entities" uses named entities like "“". It would be nice to see an option to use numerical entities, such as "“" instead, as these are more standardized.
I’ll see about adding two extra options "Encode decimal entities" and "Encode hexadecimal entities" in the next release.
BTW, numerical entities are not more standardized as the named ones; both are mentioned in the HTML standard. Numerical entities might be better supported, that's true... :-)