When riding, the pain runs from the outside of the knee joint and down about an inch or two. After riding it goes away but if I dig my finger into the joint, I feel tenderness in the top of the lower leg bone that sticks out (fibula?). I've done some searches and it seems that most of ITBS seems to be above the knee joint. Since mine is below the joint, could it be ITBS?
Also, the pain started when I got a new bike so I suspect the seat needs to be adjusted. Does anyone know which way to adjust? up/down, fore/aft? The seat seems to be in the correct position based on what I've read about fitting so I'm not sure which direction to start tweaking.