The dreaded IT band issue

I have always heard other member of the triathlon club talking about "IT band pain" but never had any idea what they were talking about. Below is the description of what the IT band is:

The iliotibial band is a strong, thick band of fibrous tissue that runs along the outside of the leg. The IT band starts at the hip and runs along the outer thigh and attaches on the outside edge of the shin bone (tibia) just below the knee joint. The band works with the quadriceps (thigh muscles) to provide stability to the outside of the knee joint during movement.

As I started to increase my running distances, I was starting to have pain in my hips at around 3-4 miles into the run. I was mentioning this to my coach Ashley and he said I should do some IT band stretches. I had never even considered that this may be the problem. When I started reading about the symptoms and the causes I realized this is exactly what the problem is.

So I have been stretching and doing some exercises to help but the only real solution is rest. This is just not possible right now. I have been able to get thru the longer runs but there has been some pain. If I keep a slower moderate pace I am certain I will make it the 26.2 miles of the triathlon. I will have plenty of time to rest and recover this winter.