The Exo-Life Finder (ELF) will be an optical system with the resolving power of a ≥20m telescope optimized for characterizing exoplanets and detecting exolife. It will allow for direct detection of Earth-size planets in commonly-considered water-based habitable zones (WHZ) of nearby stars and for generic exolife studies. Here we discuss capabilities of the ELF to detect biosignatures and technosignatures in exoplanetary atmospheres and on their surfaces in the visual and near infrared. We evaluate sensitivity limits for mid- and low-resolution spectral, photometric and polarimetric measurements, analyzed using atmosphere models and light-curve inversions. In particular, we model and estimate integration times required to detect O2, O3, CO2, CH4, H2O and other biosignature gases and habitability markers. Disequilibrium biosignature pairs such as O2+CH4 or CO2+CH4