Yes. See Experimental Next-Gen Rules Engine Documentation 4 of : Writing Scripts.
Note that is the fourth in a series of currently five postings on the PaperUI Rules. You might find useful info on the other four as well. See the navigation links at the bottom of each posting to navigate between them. There is still a lot to document but there is enough to get you started.
Be carful. Unless the bug was fixed, if you trigger the rule manually the first time after saving it it will break the rule and you will have to delete it and recreate it. The first time a timer triggers must be from an event