Taking advantage of the high spatial and temporal resolution of voltage-sensitive dye imaging, we here show the real-time encoding of position and orientation. By decomposing the cortical responses to drifting gratings we visualize the typical emergence of stationary orientation maps in which specific domains exhibited highest amplitudes. Simultaneously to these patchy maps, we demonstrate coherently propagating waves of activity that precisely matched the actual movement of the gratings in space and time, most dominantly for spatial frequencies lower than the preferred range. Thus, the primary visual cortex multiplexes information about retinotopic motion by additional temporal modulation of stationary orientation signals. These signals may be used to variably extract coarse-grained object motion and form information at higher visual processing stages.