We often hear this question, and our quick answer is: no. Do not drain the pool. You can lower it, but never drain. Lowering the water level below skimmer level is recommended.
Once the water is drained, above ground pools do not have a way to keep the walls in place. They are designed to thrust inwards – against the force of the water it holds.
Keep in mind that pool winterizing involves many factors – you just do not simply throw in a cover and call it a day. A lot of freeze damage happens when homeowners winterize the equipment and plumbing themselves. Closing a pool properly requires equipment, time, as well as technical expertise that a lot of pool owners don’t have.