Hi, sorry to hear about your knee pain. It does sound like an IT band issue.

Do you use clipless pedals?

Earlier this year I experienced some pain on the outside of my right knee, but only when I went on longer rides (50 + miles). I adjusted the angle of the cleat on my right shoe ever so slightly so that my foot pointed outward a tiny bit more. Like I said, it was a very tiny adjustment, but it did the trick, toe-ing out just a tiny bit more relieved the slight pressure on my IT band.