I recently developed 'IT band Syndrome' which made me say goodbye to boring/injury prone running and switch to swimming. Best decision ever. Fuck running. I don't know of single runner who hasn't suffered some kind of injury. Again fuck running.
There is literally one magic-bullet stretch that will solve it completely - allowing you to go from excruciating "am I destroying my knee?" pain to pain-free in a few days or a week.
Just a note: even if you don't ever return to running, that tightness in your hips and your IT is not getting better - you will need to address that at some point because it will rear its head again. Foam rollers, big rubber bands that you walk sideways in, and sideways leg raises/circles, if you're curious.