We describe and discuss the properties of a binary neural network that can serve as a dynamic neural filter (DNF), which maps regions of input space into spatiotemporal sequences of neuronal activity. Both deterministic and stochastic dynamics are studied, allowing the investigation of the stability of spatiotemporal sequences under noisy conditions. We define a measure of the coding capacity of a DNF and develop an algorithm for constructing a DNF that can serve as a source of given codes. On the basis of this algorithm, we suggest using a minimal DNF capable of generating observed sequences as a measure of complexity of spatiotemporal data. This measure is applied to experimental observations in the locust olfactory system, whose reverberating local field potential provides a natural temporal scale allowing the use of a binary DNF. For random synaptic matrices, a DNF can generate very large cycles, thus becoming an efficient tool for producing spatiotemporal codes. The latter can be stabilized by applying to the parameters of the DNF a learning algorithm with suitable margins.