I might have accidentally joined the club.
5 weeks ago I was hiking. 3/4 of the way through, weird pain showed up in the knee, lower outside right where it wants to join with the calf muscles. I took two weeks off of anything and it was fine. Upon returning to running, I would get that pain on the outside of the knee, very low, on the outside, still almost where the calf joins up to the knee.
A couple of months ago, a PT said my ITB and hamstrings were tight. That was preventing a quad injury from healing. That thing is fine now, just waiting on this knee to get better.
I'm trying to get ahead of it with foam rolling and laying on a softball and strengthening the hips. Squats and KB swings on it are fine (I don't know why). I've never had ITBS, don't know why it showed up (other than weak hips I suppose).
That might not be your IT band halfhazzard, your description sounds a little too low, maybe someone with more anatomy education than I have could help you out.
As for my IT band issues, I haven't had any for a long time. I get knee pains now and then, but it's nothing compared to when I started this tread. I discovered a few form flaws that I mostly corrected by going pure barefoot for about 8 months. Adding more knee bend, relaxing, and adding a bit of foot flair was the key. Once I had things figured out, I carefully transitioned back to shoes for my longer and tougher trail runs. All is well now, except for my PF (that could be another fellowship).