Too add to what Karin posted:
1. Manual crossfiber massage of IT band in addition to lower leg musculature such as tibialis anterior and lateral calf.
2. Avoid exercises that irritate the area if possible
3. Work on improving or normalizing walking and running gait, reducing valgus collapse, and engaging the glutes
4. bodyweight or ankle weighted knee extensions with isometric phases. Emphasize maximally engaging VMO
5. If able, work on proper squat technique and single leg squat mechanics. Use a 1/4 single leg squat or TRX assisted single leg squat. focus on knee position (abduction and external rotation) as it is controlled from the hip. If these worsen the pain then do not continue until more progress is made with the above recommendations.