I was diagnosed with ITB Syndrome in my left leg after my third century in five weeks (yeah, stupid, I know, but it was a flat century!!) a few years ago. I pedaled for 80 miles in pain. Doc had me lower my saddle (I had raised it a bit a couple of weeks prior), and even though it's now lower than the "books" say it should be, I have never had a recurrence.

He also started me on a regular program of ITB stretches, and I still do the standing one regularly. Here's an example of some ITB stretches.

Never had a problem since.

ITB is usually associated with upping your mileage rather quickly -- it's normally an early-season injury. Sounds like this is the case with the OP.

Don't increase your mileage too fast, make sure your seat is not too high, and stretch!!

Emily

P.S. For me, the float of my pedals was not an issue - I was riding unlimited-float Speedplay X series when this happened. I can ride pedals with less float without recurrence.