This could be waaaaaaaaaaaaaay outta date but it's worked for me for close to 20 yrs now.........ITBS from running and the exercise the Ortho PTs gave me was:
stand sideways to a wall with the bad hip facing out feet flat on the floor, keep your hand on the wall for balance. Cross the inside foot over the outside foot at the ankle and cock the bad hip out. You'll feel the stretch all through that whole side of the leg. I usually hold it for a count of 20-30 and I always do both sides just to make sure I don't develop ITBS in the "good" hip.
(so does this mean I Don't need to make a place in my house for your steed??
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Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, champagne in one hand, strawberries in the other, body thoroughly used up, totally worn out and screaming: "Yeah Baby! What a Ride!"