Listen, I had IT issues for a year and it was because everyone kept feeding me this stuff about foam rollers and Patt Straps. This guy obviously has a fundamental problem and its not gonna be fixed by a 2 dollar pieece of rubber.
None of it worked for me. Then I saw a PT guy. He explained it to me. Because your hips are weak, you must work to strengthen them. Your pain localizes in your knee but the problem if your hips, your back, and your core. Your body is telling you: "I can't keep running. You're not strong enough to do this." So I started working to get them stronger. I stopped trying to run and got into the gym. I would stretch for 10-20 minutes then work on my core, hips back, for about an hour everyday, sometimes twice a day. You cant do PT two times a week and expect it will do anything.
I quickly found that I was in fact very weak in the core. But I got stronger. After a while, I had to order special thera-bands because my hips got so strong. I used a bosu-ball so much that my balance increased ten fold. Finally, when I felt ready I went out and did a mile, then two..etc...but I kept the strengthening up. Do this for an hour a day and you'll be back soon, and much stronger.