I get ITB problems in my left leg, but only when running, not cycling.
I have seen about 5 physios and they all say basically the same thing/come up with stretches and exercises but nothing has yet sorted it. I have had an MRI and gait analysis that showed nothing majorly wrong (MRI was fine, but I pronate a bit when I run - worse on the leg that is ok though!)
The basic summary of all the physios is massage and stretch the area - ITBs are notoriously hard to stretch. Get a foam roller to try and break down the tight/hard bits - these really seem to work in relaxing the area but didn't actually solve my problem. There is also a myriad of strengthening exercises to try. I will try and describe the ones i was given:
1) Lie on back, bend both knees with feet on floor and push yourself off the ground (so only feet, shoulders and head are down). Straighten 1 leg out (lift foot off floor) and hold for 10, keeping it in line with body and other thigh. Keep hips up and level. Put foot down and repeat on other side. Do pyramid of 10secs down to 1sec then back up to 10 secs on each side.
2) Lie on back and use a foot stool or chair to put feet on. Hold yourself off the floor so you are bridged between feet and shoulders. Do same as above, lifting one foot up (by perhaps 12"), hold for 10 secs. then lower. Do other leg. Pyramid reps as before.
3) Example to exercise right leg. Stand on edge of step facing along the step so your left leg is off the edge (only right foot on step. Squat down and touch floor with your left heel. This stops you using your calf to push/bounce back up - keep toes lifted to force you to do this). Keep back as straight as possible and don't hold onto anything. Do 100 reps. Swap legs and repeat.
4) Stand on step, facing up the stairs. Repeat squats as above, but squat backwards off step. Stay as tall as possible and don't hold onto anything.
5) Take one shoe off.In a controlled manner swing leg with no shoe on backwards and forwards as straight as possible. Don't use body to swing but just swing leg and keep hips level. You should be able to do lots of these before they hurt - I get to 80 and then it starts to burn on outside of hip. One shoe off is just to lift swinging leg off floor a bit.
6) Lie on side with legs on top of each other and bent. Right angle between thigh and calf, but more between belly and thigh (don't bring legs up too far). Keep feet together and lift top knee away from bottom knee. Lower and repeat. Do lots of on both sides. When you get stronger, lift knee then lift heel, lower heel, lower knee. Then you can also do the same, but lift knee, lift heel, straighten leg, bend leg, lower heel, lower knee.
Then do lots of stretching afterwards!!