Dynamic wheel balancing is a modern method in which computerized wheel balancers rotate the wheels and pinpoint the unbalanced position and vibration level.
It is also known as a two-plane balance because it measures transverse and radial forces - left and right and up and down.
Unlike static balancing, dynamic balancing uses multiple weights to balance the tires, which you can place at different points on the wheels. It doesn't have to be along the center line.
If you balance your wheels dynamically, you will also inadvertently balance them statically.