Not ITB. IMO not MCL either. Probably tendinitis. Go clipless, learn to pull back at the bottom and push forward at the top. Only pushing down causes this exact problem. You need to engage your VMO also, especially in the pushing-forward phase. With clipless pedals, try toeing out slightly. I tour with SPD pedals and MTB shoes. Very comfortable shoes and reasonable to walk in. For long distance walking, hiking, hoteling, etc., I bring a pair of light shoes.

Stretching will help some, but probably not enough.
http://www.bikeforums.net/road-cycli...l#post15372967