I've just come back from a similar injury. Pain down the outside of my right knee (sometimes under the kneecap on the upper left on same). That was from Tour of Pendle last year, and only in the last couple of months been able to get running again.
Recommend a physio to assess exactly what your weakness is and get a program of exercises. Rest from running, and when you're ready slooooooow back in to the running.
Exercises I used included:
To strengthen the surrounding muscles for stability -
- one-legged squats with dumbells
- calf raises with dumbells
- 'the clam' (lie on side, legs bent slightly but together, slowly lift the top leg, extend, bend again, and lower.)
- similar exercise to your band stretching: rubber loop around my ankles and sidestepping up and down the hall
Stretches -
- use a scaffolding pole (or foam roller) under your hip, and roll your body up, so the roller rolls down the outside of your thigh. This stretches your ITB directly (bloody painful
)
- stand on one leg, the other leg crossed over, and push your hip out to the side on the leg bearing your weight.
Check out Al Fowler's knee thread for more advice on stretching and remedial exercises.
I think I pushed mine too far too soon, and I've been having niggles since a club run on Tues. Going to see how it fares on tomorrow's Pendle recce. Don't think it helped that my focus on the exercises and stretches went after I found I could run again
Best of luck for a speedy recovery.