Here is a definitive answer for many ITBS cases. It involves your Tensor Fascia Latae muscle (TFL), and occasionally your Gluteus.
The TFL is a small muscle that is located between your hipbone (pelvis) and the top of your thighbone (femur). This muscle merges into the ITB, which then goes down the lateral side of the thigh and inserts into the knee joint. But the fibers of the ITB are just strong, slightly stretchable, fibers. The real source of the pain is a spasm in the TFL. A second piece to the problem is because the ITB travels over the lateral borders of the quadriceps and the hamstrings. When the ITB is pulled tight by the TFL, it causes both the quads and the hamstrings to contract under its fibers.
Here is a good treatment: lie on the floor, on your side. Place a tennis ball directly under the TFL and roll your bodyweight onto the ball. You will feel the spasm, and it may really hurt so regulate the pressure you are using. It should always "hurt so good", anything more is too much and is causing a problem.
Next, keep rotating your body around so you find all the spasms in the hip area. You'll know exactly when you are on one. You'll feel it. You need to stay on the spasm for 60 seconds or it will come back as soon as you stop pressing on it.
Finally, take an 18" length of dowel (closet pole) or a rolling pin (don't let it roll, hold it steady) and from a sitting position, place the dowel at the very top of your leg. You need to put it where your leg meets your trunk. Then push it down toward your knee. Don't go over your knee joint or kneecap. Cover your entire quad this way - lateral, middle and inner thigh.
While it will hurt, you should always feel like you are doing something good for your thigh/hip/knee. You'll know if you are right.
This problem is easy to fix and works great. Do it frequently – You need to keep the lactic acid flushed out of the muscles on a regular basis.
There is an excellent sports injury website with a forum that has several posts about this injury. It’s mediated by the Author of “The Pain-Free Triathlete” (Julie Donnelly).
http://www.julstro.com