Nginx: How to determine if a module is installed

Im using nginx as load balancer in a dockerized setup. Im trying to get the http_geoip_module up and running so I can redirect traffic based on users geographical position.

Question:

The command nginx -V outputs --with-http_geoip_module=dynamic. Does this mean that the geoip_module is installed? Its the =dynamic that confuses me, this detail does not appear in the tutorials im following.