What do you mean exactly with "select the parent HTML tag"?

Let's say we have a simple paragraph like the one below with | marking individual caret positions inside body element:

|<p| st|yle="color:#008|000"|>|This is an example para|graph with <b>bold<b> and |<i|>ita|lic|</i> text.|</p|>|

What do you expect as selection for the fourteen caret positions?

Which version of UltraEdit do you use?

Have you enabled the setting Display XML/HTML tag highlighting at Advanced - Settings or Configuration - Editor - XML / HTML / Markdown?

Is the command Select to brace with default hotkey Ctrl+B on ribbon tab Coding respectively in contemporary menu Coding respectively in traditional menu Search (with menu item name Select to matching brace) the feature you are looking for?

Thanks for the screenshots. They were really helpful to understand the wanted feature.

There is no built-in command in currently latest UltraEdit for Windows v27.00.0.54 for this type of HTML element selecting as far as I know.

I suggest to read my post Highlight matching HTML tag explaining what to modify in used syntax highlighting wordfile - default: %APPDATA%\IDMComp\UltraEdit\wordfiles\html.uew - to change default behavior of  command Select to brace for HTML. I use that definition for years and so did not recognize yesterday that the default behavior on using Ctrl+B inside an HTML element is different and less useful for you.

But command Select to brace is still not exactly what you would like to have even with the customization of the brace strings in wordfile for HTML. For example on having selected already a list item (element LI) of a list or a table row (element TR) of a table, a hit of Ctrl+B results in selecting next LI respectively TR element instead of the entire list or table.

It would be necessary to write an UltraEdit script for the same behavior as in Dreamweaver which is executed by hotkey. That script is definitely not easy to code. It would require real language knowledge, i.e. what can be the parent element of currently selected inline or block element if there is already a selection on execution of the script which takes also current element level into account.

See also my post Finding matching HTML/XML tag and the posts linked there.