Not yet, I should have been clearer:

compress_chunk operates on a single chunk, the way to define "compress all chunks older than 1 week is":

   SELECT compress_chunk(i) from show_chunks('conditions', older_than => INTERVAL '1 week'); 

https://docs.timescale.com/latest/using-timescaledb/compress...

So you'd need to setup a cron job that runs that script every night or something...at least until we release compression policy support.